KING OF PRUSSIA, PA — Sagent, a fintech software titan supported by Warburg Pincus, has unveiled its groundbreaking mortgage software platform, Dara. Designed to revolutionize mortgage servicing, Dara is the first-of-its-kind platform that amalgamates all data and user interactions for servicers and homeowners throughout the entire servicing lifecycle.
According to Sagent, the platform can reduce operational costs by up to 40%, a figure projected to have a profound impact on the $14 trillion industry it serves. Dara is expected to be fully operational for customers by 2024.
“Dara by Sagent is mortgage servicing reimagined, all within one integrated system,” stated Uday Devalla, Sagent’s Chief Technology Officer. “It allows every servicer in our massive sector to assist borrowers more effectively by offering a unified view throughout every servicing phase.”
Dara, a comprehensive system, covers six primary mortgage servicing areas. It offers tools for daily operations and compliance (Dara Core), a mobile-first consumer experience (Dara Consumer), a full default suite (Dara Default), real-time data analytics (Dara Data), efficient data standards and document management (Dara Movement), and integrated AI for automation and predictive insights (Dara AI).
Derived from the Celtic knot symbolizing ancient oak tree roots systems, ‘Dara’ signifies steadiness and growth, according to Sagent CEO Geno Paluso. “Dara by Sagent is the first and only platform that powers the entire servicing ecosystem in one root system.”
Through its comprehensive lens, Dara focuses on the top five priorities for servicers in a complex industry with $14 trillion in total mortgage loan balances outstanding. It offers cost efficiency, compliance management in a volatile regulatory landscape, a superior mobile-first customer experience, ease of integration with an open-API ecosystem, and unified data and user experience.
“Dara’s benefits were built on direct feedback from Sagent’s customers, who together service over $2 trillion in outstanding mortgages,” said Chris Marshall, Sagent’s Executive Chairman. He added, “For the first time in decades, Dara by Sagent significantly simplifies the mortgage servicing tech stack and prevents servicing errors while enabling real-time auditability.”
Certain components of Dara, including Loan Movement, Loss Mitigation, Claims, and AI/Docs, are market-ready. The full Dara platform will be operational for customers in 2024 and beyond.
Third-party analysis confirms Dara’s potential for a significant boost in servicer operations, with up to 40% cost-per-loan reduction across 13 areas of mortgage servicing.
As a pioneering force backed by major private equity investor Warburg Pincus, Sagent empowers top bank and nonbank lenders to modernize the homeownership experience for millions of borrowers. With the launch of Dara, Sagent continues to shape the future of mortgage servicing in America.
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