KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--Sagent, a Warburg Pincus-backed fintech software company modernizing mortgage servicing for banks and lenders, today announced the launch of Dara, the first mortgage software platform to unify all data and user experiences for servicers and homeowners across the entire servicing lifecycle. Dara can lower servicer operational costs by up to 40%,* and will start going live for customers in 2024.
“Dara by Sagent is mortgage servicing done right all in one root system,” said Sagent Chief Technology Officer Uday Devalla. “With Dara, every servicer in our $14 trillion industry can help borrowers faster by seeing what they see throughout every phase of servicing, whether that’s regular payment and escrow activities or quickly resolving complex hardship and loss mitigation scenarios. Dara also makes onboarding loan portfolios fast and compliant for servicers and facilitates loan transfers with no surprises for borrowers.”
Dara by Sagent powers every detail of every mortgage for servicers across six primary areas:
- Dara Core – All the essential tools for efficient, real-time daily servicing operations and compliance at any scale for all loan types.
- Dara Consumer – A mobile-first consumer experience for homeowners to manage every mortgage detail, solve hardships fast, and get smart human advice anytime.
- Dara Default – Full default suite with decisioning, automated workflows, collections, loss mitigation, claims, foreclosure/bankruptcy, and a broad attorney network.
- Dara Data – Comprehensive views into real-time data with robust analytics across every milestone in the lifecycle, with anytime auditability and compliance assessments.
- Dara Movement – Servicing data standards and document management power lightning-fast onboarding, both flow and bulk, and comprehensive bidding due diligence.
- Dara AI – AI embedded into Dara for doc automation, real-time predictive insights driving workflow and agent experiences, and generative AI-based chat capabilities.
“Dara by Sagent is the first and only platform that powers the entire servicing ecosystem — Core, Consumer, Default, Loan Movement, Data, and AI – in a single root system,” said Sagent CEO Geno Paluso. “The Dara brand name and logo are derived from the Celtic Dara knot, representing root systems of ancient oak trees. Dara by Sagent is a steadying force that powers our underlying ecosystem and enables giant and lasting growth on the surface.”
Dara by Sagent addresses the top five priorities for servicers in a complex industry with $14 trillion in total mortgage loan balances outstanding:
- Cost – Dara lowers costs across Core, Default, and Consumer servicing operations with a single, connected system.
- Compliance – Dara helps servicers manage compliance risk in real time in an ever-evolving and real-time regulatory environment.
- Consumer – Dara powers a world-class, mobile-first customer experience for the entire loan lifecycle, including hardships.
- Open Ecosystem – Dara lets servicers stay nimble and manage easy, inexpensive integrations with a cloud-native, open-API ecosystem.
- Unified Data/UX – Dara delivers a single user experience with real-time data for all users across the entire ecosystem.
“The cost, compliance, consumer experience, open ecosystem, and unified data/UX benefits Dara delivers were built with the feedback of Sagent’s customers who collectively service more than $2 trillion in outstanding mortgages,” said Sagent Executive Chairman Chris Marshall. “Dara by Sagent is a game-changer for America’s top servicers by proactively preventing servicer errors, enabling anytime auditability, and drastically simplifying the mortgage servicing tech stack for the first time in decades.”
Dara Loan Movement, Dara Loss Mitigation, Dara Claims, and Dara AI/Docs are the first market-ready components of Dara, and Sagent will operationalize the full Dara platform for customers in 2024 and beyond.
Third-party analysis shows that Dara offers material lift for servicer operations, with as much as 40% in cost-per-loan reductions across 13 areas of mortgage servicing.*
About Sagent
Sagent powers America’s top bank and nonbank lenders to engage, care for, retain, and modernize the homeownership experience for millions of borrowers. Servicers use our flexible, scalable, and configurable solutions to engage borrowers and earn customer loyalty, lower servicing costs, ensure compliance, and increase the value of servicing rights throughout full market cycles. Sagent is backed by Warburg Pincus, one of the world’s leading private equity investors, and powers trillions in outstanding mortgage servicing for its customers. Visit sagent.com to learn more.
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* Based on a benchmark model of aggregate ops cost-per-loan reductions across boarding, cash processing, escrows, statements, call center, IA/IR, collections, loss mitigation, foreclosure, bankruptcy, claims, QA/QC, collateral management. Excludes other corporate cost (e.g., finance, HR) and cost of servicing platform. Sagent can model Dara performance scenarios using each individual servicer’s data. If you’re a servicer, contact Sagent to perform this analysis specific to your portfolio.
