Lock Down
Data entry is time consuming and error prone. An approach that has helped firms when dealing with data is an "enter once, make sure it is correct through quality control procedures, then leave it alone" policy. Locking down and securing data in that way, such as with the legal description of property and other data used repeatedly through the process, has reduced errors and saved time. Similarly, all client-specific rules (lender, servicers, outsourcers or investors) typically outlined in attorney agreements, for example, if appraisals should be ordered, reporting format, requested data entry of client systems, preferred communication methods, billing terms and the like, are all built right into our customer state-of-the art case management system. There is no need to keep looking up the required procedures and much less chance of missing a deadline.
Industry Initiatives
It would be the subject of a separate article, but I want to highlight the importance of working, wherever possible, for a standardized nomenclature and system in foreclosure reporting, auditing and invoicing. USFN, of which our firm is an active participant, has worked closely with the MBA and the real estate finance and servicing industry as a whole to achieve greater efficiencies and cost savings in the processing of foreclosures and bankruptcies, in training, and in monitoring state and federal legislative and regulatory action and trends. This type of coordination will help improve profitability for all of us.
Go Back :
Home - Part 2