Our June spotlight of the month goes to Charles Lee, Principal Engineer. The spotlight recognizes Charles’ commitment to Brace Software’s Technical and Business Success. He talked to us about how Brace has contributed to his professional growth as well as his impact on Brace.

What is your position and what does that entail?

As Principal Engineer, I contribute my expertise and decades of technology experience across the organization. It is a role that requires a breadth of knowledge and depth regarding its practical application.

Tell me about your career before joining Brace and how you ended up here.

After graduating…

Our February spotlight of the month goes to Haarthi Sadasivam, Senior Product Manager. The spotlight recognizes Haarthi’s commitment to Brace Software’s Technical and Business Success. She talked to us about how Brace has contributed to her professional growth as well as her impact on Brace.

What is your position and what does that entail?

I’m a product manager here at Brace. I work with our customers and the servicing ecosystem to understand needs that can be solved through technology and help translate that vision into reality.

Tell me about your career before joining Brace and how you ended up here.

…

For almost half the year the threat of hurricanes looms large over homeowners and lenders in the U.S. With June 1 marking the beginning of hurricane season. After a brutal 2020, another above-normal hurricane season is predicted for 2021. The National Oceanic and Atmospheric Administration (NOAA) has issued a forecast that predicts 13–20 named storms, 6–10 of which will become hurricanes, and 3–5 of which could become major hurricanes.

Every year homeowners in coastal states (primarily along the Atlantic Coast and the Gulf of Mexico), and many inland states in the Southeast, sit on pins and needles as the spring…

The Why

For those of you interested in learning a bit about us, we are a software startup in the mortgage servicing space. Our focus is providing modern software solutions to an extremely complex industry still very much reliant on manual and paper-based processes. Our first product offering is focused on what the industry calls “loss mitigation.” Loss mitigation, or “loss-mit” for short, is the segment of mortgage servicing that kicks in when the borrowers of a loan find themselves in a situation where they are unable to make their mortgage payments.

Not only is this an extremely complex and…

Our May spotlight of the month goes to Tyler Mattis, Product Manager. The spotlight recognizes Tyler’s commitment to Brace Software’s Technical and Business Success. He talked to us about how Brace has contributed to his professional growth as well as his impact on Brace.

What is your position and what does that entail?

I am a Senior Product Manager here at Brace, working with our engineering teams to help build out our proprietary rules engine that decisions borrowers for different loss mitigation options in order to help borrowers get their mortgage payments back on track.

Tell me about your career…

On April 19, HUD announced wholesale changes to the loss mitigation section of the FHA Single Family Housing Policy Handbook 4000.1. The changes that the FHA is making to Section III, the servicing and loss mitigation section, brings the FHA in line with other investors /insurers, streamlines servicing policies, and makes the loss mitigation process easier for borrowers and servicers.

Up until now, the FHA required borrowers to provide extensive documentation for loss mitigation applications. With these changes, they will join other investors in moving to a model that uses information already available to the servicer, such as property value.

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Mortgage servicers are under pressure to take action now to help homeowners avoid foreclosure. Many borrowers will be coming off of forbearances later this year and will need permanent solutions for their delinquent mortgages. Before we discuss this problem, and the two main paths ahead for servicers, let’s review how we got to the current situation.

Background

For millions of Americans, the COVID-19 pandemic has had a devastating impact on their ability to make their mortgage payments. The federal government responded by passing the CARES Act, which helped keep people in their homes by allowing borrowers to get forbearances. As…

Our April spotlight of the month goes to Barclay Dunn, Senior Software Engineer. The spotlight recognizes Barclay’s commitment to Brace Software’s Technical and Business Success. She talked to us about how Brace has contributed to her professional growth as well as her impact on Brace.

What is your position and what does that entail?

Senior Software Engineer: While we are primarily a Java shop building REST APIs and a proprietary rules engine, there is plenty of room to get involved in other facets of our technology stack built upon things like Vert.x, Kubernetes, PostgreSQL, and Elixir, just to name a…