Partnership Seeks To Digitally Transform Fragmented Property Registration Processes
Rocktop Technologies, a provider of data orchestration and AI-enabled process automation for mortgage investors and servicers, announces a strategic partnership with Bron, Inc., a provider of property registration and compliance services. Working together, the companies will improve a fragmented set of processes that increases servicers’ risks and costs.
“Our decision to join forces is timely,” said Kevin Hamilton, Chief Executive Officer, Bron, Inc. “Experts expect mortgage delinquencies to rise in the near term, and that means property registration activity will rise as well. In order to scale, servicers will need to modernize and streamline their operations. Rocktop’s deep automation expertise will be critical to this process.”
“This transaction advances our goal of elevating the value of the mortgage markets by tackling two problems with complex operations: a lack of transparency and a plethora of inefficiencies. In this case, we’re focusing on property registration, and there is no better partner than Bron,” said Jason Pinson, Rocktop’s Founder and Chief Executive Officer. “Bron’s leadership has spent years developing strong municipal relationships. The company also has unparalleled access to the latest registration ordinances, which vary across 35,000 municipalities. Integrating their data with our automation platform will be transformative.”
When a property in a servicer’s portfolio becomes vacant or transitions to real estate ownership, servicers are in the uncomfortable position of “not knowing what they don’t know”. Not only do they struggle to access up-to-date regulations, but local clerks may interpret rules inconsistently, leading to disputes, delays and costly fees.
“Registration chaos” can ensue as approval bottlenecks trigger rework, fines and investor issues, and daily compounding fees go unnoticed. Moreover, with no single system tracking which properties are registered or exempt, servicers wind up reconciling conflicting data themselves and paying fines on any errors that are flagged, adding up to thousands of dollars per loan. Ultimately, those costs dilute the yields on affected mortgage assets.
Bron and Rocktop are working to eliminate these scenarios through an enhanced registration and compliance process that delivers:
* Risk mitigation: Bron’s local insights prevent costly errors, and the company shields servicers from financial accountability for any violations. In the 12 years since Bron entered the property registration business, its servicer clients have never paid a fine.
* Transparency and control: By centralizing validated property registration data along with municipal ordinances, Rocktop is giving servicers unmatched data clarity, combined with AI-enabled process efficiencies.
* Unparalleled speed: Automated approvals and fewer reworks accelerate every stage of the process.
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