Oversite Data Services, a national provider of docket-based legal compliance and management solutions, released a white paper Tuesday that demonstrates how court data-based management of foreclosure cases can reduce foreclosure timelines and improve portfolio management.
The analysis is based on a dataset of over 50,000 foreclosure loan files.
"Our analysis shows that it is possible to quantify a number of factors impacting foreclosure timelines that can then be used to benchmark foreclosure management and more accurately estimate foreclosure timelines," said Oversite CEO, James Albertelli. "Oversite’s docket-data based technology platform provides the transparency needed to better manage third parties through a data-based systematic process, minimize timelines and reduce avoidable risks."
The release noted that average servicer timelines varied up to 192 percent from 2007 to 2013.
The data noted a few broad trends, including:
- Variations in foreclosure timelines by servicer, controlling for geography and year of foreclosure start.
- Proactive foreclosure management can reduce the number and timelines of outlier cases.
- Cases with foreclosures and bankruptcies present significant opportunity for proactive case timeline management.
Other findings in the white paper include that cases with a Lack of Prosecution (LOP) finding had an average foreclosure timeline of 308 days, and the number of LOP filings among servicers varied by over 500 percent
No comments:
Post a Comment