Unqork and KPMG collaborate to launch a Mortgage Forbearance Application for The Community Preservation Corporation
NEW YORK, May 7, 2020 -- Unqork, the leader in enterprise no-code application development technology, and KPMG LLP, the audit, tax and advisory firm, are engaging with The Community Preservation Corporation (CPC), a leading nonprofit multifamily housing finance company, and its subsidiary CPC Mortgage Company LLC, to launch a Mortgage Forbearance and Loss Mitigation solution to support the unique needs of CPC's more than 3,000 borrowers.
"COVID-19 has created new challenges for the housing industry on a national scale. As millions of people have lost their jobs and ability to pay rent, many owners are struggling to maintain their buildings and pay their taxes, mortgages and other obligations," said Rafael E. Cestero, President & CEO of CPC. "Our hope is that this platform will make the transition into forbearance easier for everyone, and eliminate some of the stress and difficulties in these trying times. The team at KPMG and Unqork allowed us to conceive of, and subsequently execute this offering in a time to market that we couldn't find with other technologies."
"The need for institutions to react quickly has never been more important," said Gary Hoberman, CEO & Founder of Unqork. "I'm exceptionally proud of the way CPC, KPMG, and Unqork came together to deliver an intuitive application that helps people easily transition to forbearance. In times like these it's important that technology 'just works' and allows people to get back to their lives - and this application does just that."
CPC services a portfolio of more than 3,000 loans on behalf of nearly two dozen public and private investor institutions. In light of the COVID-19 situation and surge in unemployment, CPC anticipated that some of their borrowers would experience a significant loss of rental income, and would need to have a platform in place to guide them through the forbearance application process. The new platform will manage submissions from their borrowers and the review, tracking and approval of requests by CPC's asset managers and loan servicers.
"It is more important than ever to strengthen our communities through technology and promote collaboration, remote etiquette and visibility as organizations navigate recovery and a new reality. The promise of a no-code solution gives us the ability to build innovative solutions for business challenges in a very short period of time," said Harvinder Bhatia, Managing Director at KPMG. "Working together with Unqork and CPC we were able to address an immediate need for the community in a very challenging time."
To learn more about the Unqork and KPMG Mortgage Forbearance and Loss Mitigation, visit www.unqork.com/loan-forbearance.
Unqork is the industry pioneer no-code enterprise application platform that helps large companies build, deploy, and manage complex applications without writing a single line of code. Organizations like Goldman Sachs, Liberty Mutual, the City of New York, and Maimonides Medical Center are using Unqork's drag-and-drop interface to build enterprise applications faster, with higher quality, and lower costs than conventional approaches. To learn more, please visit: https://www.unqork.com/
About KPMG LLP
KPMG is one of the world's leading professional services firms, providing innovative business solutions and audit, tax, and advisory services to many of the world's largest and most prestigious organizations. KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. KPMG LLP is the independent U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG International's independent member firms have 219,000 professionals working in 147 countries and territories. Learn more at www.kpmg.com/us.
About The Community Preservation Corporation (CPC)
Established in 1974, CPC is a nonprofit affordable housing and community revitalization finance company that believes housing is central to transforming underserved neighborhoods into thriving and vibrant communities. The company, which currently carries a AA- issuer rating from S&P Global, provides a full suite of capital products through its construction lending, Agency lending, and equity investing platforms. Since inception, CPC has provided more than $11 billion to finance over 196,000 units of housing, and is currently one of the largest Community Development Financial Institutions in the country dedicated to investing in multifamily housing. Visit CPC at communityp.com, and on Facebook, Twitter and LinkedIn.