Sagent’s Dara: Advancing mortgage loss mitigation

Unexpected financial hardships are an unfortunate but not uncommon challenge facing many homeowners. To help overcome these obstacles, Sagent has created its Dara Loss Mitigation platform as a solution that modernizes how homeowners and mortgage servicers address financial hardship.

Modernizing the hardship application process

Traditionally, applying for mortgage assistance has been cumbersome, involving extensive paperwork, excruciatingly long cycles of communication (and miscommunication), and significant waiting periods. Sagent has trimmed the fat off of  this process with Dara and its user-friendly approach.

Dara is a mobile-first platform that allows homeowners to access and submit assistance applications remotely. The platform’s intelligent design is showcased by its ability to pre-populate borrower data, substantially reducing application completion time.

Transparency and efficiency

A key feature of Dara is its real-time tracking functionality. This transparency provides homeowners with continuous updates on their application status, removing uncertainty and reducing the need for frequent status inquiries.

For servicers, this increased transparency translates to smoother operations. Servicers can dedicate more resources to problem-solving and relationship-building with the reduced volume of status-related calls and questions.

Mutual benefits for homeowners and servicers

While the platform offers clear advantages for homeowners, it also provides significant benefits for services:

Seamless Integration: Dara integrates with existing servicing systems, facilitating rapid decision-making and reducing resolution timelines from days to hours.

AI-Enhanced Document Review: The incorporation of Dara AI automates document review processes, enabling quick identification of issues and exceptions.

Cost Reduction: Dara has demonstrated the potential to reduce loss mitigation-related costs per loan by 60-70%, representing a substantial increase in operational efficiency.

Streamlining regulatory compliance

Dara offers a solution to the compliance challenge in an industry overseen by evolving regulations. Servicers can customize their data and document collection processes to align with specific investor and insurer requirements, ensuring ongoing compliance with all loss mitigation procedures set by Fannie Mae, Freddie Mac, FHA, USDA, and VA

Balancing technology and human-centric service

While Dara uses advanced technology, it’s designed with the homeowner in mind as the primary focus. The platform allows servicers to provide personalized assistance efficiently and at scale, recognizing that behind each application is an individual or family facing real, serious challenges.

Preparing for the future of mortgage servicing

As the mortgage industry heads into uncharted territory, particularly in light of potential increases in delinquency rates and market volatility, solutions like Dara Loss Mitigation become increasingly vital. Sagent’s platform represents a significant advancement in hardship resolution technology.