Five Brothers enters into high touch servicing
Five Brothers is entering the increasingly popular business of high touch servicing through a new program the company calls DocPRO Document Delivery Solution. Five Brothers' goal is to accelerate the servicing process by physically guiding a mortgagors through the paperwork. "The problem is people receive the papers, but sometimes they don't know what to do with them," said Joe Bada, CEO of Five Brothers. "We put them in the people's hands and tell them what to do to." Like other high touch servicers, Five Brothers has a nationwide network of servicers that bring all the necessary loss mitigation paperwork directly to a borrower's door. From there, Bada said, the servicer will walk the borrower through all the necessary steps and tell them how to properly fill out the forms. The borrower is left to fill in the paperwork at their own house at their own leisure. Where Five Brothers claims its originality of the program is the next step. "We actually call it a 'mobile notary service,'" Bada told HousingWire. Five Brothers sends an actual notary to the borrowers' home, so that they don't have to take time going to a bank or post office to get the documents notarized. Bada said the plan for this type of servicing was born out of demand for the product and that it is increasing loss mitigation success rates. He said they are not perfect on the information from the first company for which they built this product (he also couldn't say who is currently using the system), but he estimated the success rate around a 40% to 60% ratio of successes versus failures. "That's almost a 90% increase [in success rate] for the mortgagee," Bada said. Five Brothers is a regulatory-compliant default management solutions firm established in 1967. The company creates and distributes all necessary documents for the DocPRO system as well as expedites return of the signed documents and tracks the success rate for all its clients. Write to Christine Ricciardi. Disclosure: The author holds no relevant investments.