Mortgage servicing is one of the few areas of finance that has been relatively untouched by fintech. It is very complex with huge technology and compliance requirements that creates a large barrier to entry for newcomers. But there are new entrants that are not taking on the incumbents directly but partnering with them in one of their key areas of need: loss mitigation.
Our next guest on the Fintech One-on-One Podcast is Eric Rachmel, the CEO and Founder of Brace. They have created a modern tech stack that works seamlessly with the traditional systems of the large servicers to provide end-to-end loss mitigation.
In this podcast you will learn:
- The opportunity Eric saw that led to the founding of Brace.
- Why there has been such little innovation in mortgage servicing.
- How mortgage servicers operate today.
- What their standard procedure is for loss mitigation.
- How the Brace loss mitigation system works.
- The types of loan servicers that Brace works with today.
- How a new system such as Brace works with legacy servicing solutions.
- What they found out in their consumer survey from earlier this year.
- Eric's perspective on the potential acquisition of Black Knight by ICE.
- How he used his background as a VC when raising money for Brace.
- Why loan servicing has taken the spotlight in recent years.
- What an economic downturn might do for Brace's business.
- What is next for Brace.
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