Ahhh, that unique scent. Welcome to the club. If it hasn't returned to normal after fully cooling offf, you may need to bleed the brake fluid. If it isn't quite fresh, you boiled the snot out of it. I like Castrol LMA myself. DOT4.
Good idea to bleed the brakes as suggestion. An adustment of the rear brakes might help also. You'll have to spin the star wheel a turn or so. Another option is to apply the brakes while rolling backwards in reverse. Just depends on how far out of whack it is. The soft pedal could be the new found slack in the rear.
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