This document discusses implementing an attorney scorecard system to improve the mortgage foreclosure process. It notes that foreclosure is a lengthy and expensive legal process, and that introducing a scorecard can help servicers more closely monitor attorney performance, balance workloads, and improve compliance and efficiency. The scorecard would track key performance indicators and milestones to evaluate attorneys and identify areas for improvement. Implementing such a system faces challenges around integrating data from different systems and standardizing metrics, but could help speed up the foreclosure timeline and reduce costs.
Managing Costs Related to Increasing Banking RegulationCognizant
With banks' regulatory compliance challenges only increasing, they must find ways to reduce the associated legal costs, such as by using legal process services providers with experience in handling Know Your Customer (KYC), eDiscovery, foreign bank organizations, Deferred Prosecution Agreements (DFAs), non-prosecution agreements (NPAs), the Dodd-Frank Act and much more.
Default mortgage servicers face a daunting array of regulatory and operating challenges, making a unified default servicing platform an excellent option. We weigh the pluses and minuses and assess build vs. buy considerations.
Revenue assurance is one of the key challenges of Service industries, beyond the traditional challenges such as customer acquisition, customer retention, cost effective service delivery, talent management & account mining; which usually have high impact on the profitability & sustenance.
I have prepared an overview document basis my experience & observations. Hope you would like it, please share your opinions.
Financial Impact Analysis: A Window into the Business Impact of ICD-10Cognizant
Health providers can determine the full financial consequences of the ICD-10 transition by using reimbursement analysis and financial sensitivity modeling.
When you are dealing with a problem loan, this process will help you gather and understand the facts, analyze the problem, and enable you to make a recommendation to correct the problem.
2010 07 BSidesLV Mobilizing The PCI Resistance 1cGene Kim
Properly Mobilizing the PCI Resistance: Lessons Learned From Fighting Prior Wars (SOX-404)"
I have noticed that there is a growing wave of discontent and disenchantment from information security and compliance practitioners around the PCI DSS. Josh Corman has been an effective voice for these concerns, providing an intellectually honest and earnest analysis in his talk “Is PCI The No Child Left Behind Act For Infosec?”
The problem are well-known and significant: too much ambiguity in the PCI DSS, Qualified Security Assessors (QSAs) and consultant using subjective interpretations, existing guidance either too prescriptive or too vague, scope missing critical systems that could risk cardholder data, overly broad scope and excessive testing costs, excessive subjectivity and inconsistency, poor use of scarce resources, no meaningful reduction in risk of data breaches, and so forth.
For years, I have been studying the PCI DSS compliance problem, as well. I have noticed many similarities to the PCI compliance challenges and the “SOX-404 Is The Biggest IT Time Waster” wars in 2005. I was part of the leadership team at the Institute of Internal Auditors (IIA) where we did something about the it. We identified inability to accurately scope the IT portions of SOX-404 as the root cause of the billions of dollars of wasted time and effort, while not reducing the risk of financial misstatements.
I propose to present the two-year success story of the IIA GAIT project and how we changed the state of the IT audit practice in support of SOX-404 financial reporting audits. We defined the four GAIT Principles, which could be used to correctly scope the IT portions of SOX-404. We mobilized over 100K internal auditors, the SEC and PCAOB regulatory and enforcement bodies, as well as the external auditors from the 8 big CPA firms (e.g, Big Four and other firms doing SOX advisory work). In short, we made a difference, in a highly political process that involved many constituencies.
I am attempting to do something similar with the PCI Security Standards Council, through my work as part one of the leaders of the PCI Scoping SIG (Special Interest Group). My personal goal is to find a “third way” to better enable correct scoping of the PCI Cardholder Data Environment, and create a risk-based approach of substantiating the effective controls to ensure that cardholder data breaches can be prevented, and quickly detected and corrected when they do occur.
My desired outcome is to find fellow travelers who also see the pile of dead bodies in PCI compliance efforts, and work with those practitioners to catalyze a similar movement to achieve the spirit and intent of PCI DSS.
Join us to learn:
---1. The key components of physician contracting programs
---2. Steps to take to avoid risky contracting situations
---3. Best practices for creating internal processes
Key Bankruptcy Considerations Heading into a RecessionQuarles & Brady
As the impact of the COVID-19 pandemic continues to evolve, US businesses are already feeling the impact of a potential economic downturn. Presenters will discuss key considerations that may present themselves in the event of a recession, including modification and forbearance agreements, amendment/default scenarios, risks regarding "slow pay" and termination of key contracts, and priority rights of suppliers in bankruptcy, as well as implications of the Small Business Bankruptcy Act for potential debtors.
Original air date: Oct. 2, 2017
Rebroadcast and recording info at http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
Semantic Enterprise: A Step Toward Agent-Driven IntegrationCognizant
Knowledge-driven enterprises can become more adaptable, dynamic and collaborative by using semantic technologies to integrate openly available data into the ecosystem.
Don't Let Your Data Get SMACked: Introducing 3-D Data ManagementCognizant
Establishing data accuracy and quality is central to data management, but the SMAC stack - social, mobile, analytics and cloud - both makes it more complex to do so and offers tools for accomplishing the mission. We devised a three-tier "3-D" plan for data management based on integration, data fidelity and data integration.
Managing Costs Related to Increasing Banking RegulationCognizant
With banks' regulatory compliance challenges only increasing, they must find ways to reduce the associated legal costs, such as by using legal process services providers with experience in handling Know Your Customer (KYC), eDiscovery, foreign bank organizations, Deferred Prosecution Agreements (DFAs), non-prosecution agreements (NPAs), the Dodd-Frank Act and much more.
Default mortgage servicers face a daunting array of regulatory and operating challenges, making a unified default servicing platform an excellent option. We weigh the pluses and minuses and assess build vs. buy considerations.
Revenue assurance is one of the key challenges of Service industries, beyond the traditional challenges such as customer acquisition, customer retention, cost effective service delivery, talent management & account mining; which usually have high impact on the profitability & sustenance.
I have prepared an overview document basis my experience & observations. Hope you would like it, please share your opinions.
Financial Impact Analysis: A Window into the Business Impact of ICD-10Cognizant
Health providers can determine the full financial consequences of the ICD-10 transition by using reimbursement analysis and financial sensitivity modeling.
When you are dealing with a problem loan, this process will help you gather and understand the facts, analyze the problem, and enable you to make a recommendation to correct the problem.
2010 07 BSidesLV Mobilizing The PCI Resistance 1cGene Kim
Properly Mobilizing the PCI Resistance: Lessons Learned From Fighting Prior Wars (SOX-404)"
I have noticed that there is a growing wave of discontent and disenchantment from information security and compliance practitioners around the PCI DSS. Josh Corman has been an effective voice for these concerns, providing an intellectually honest and earnest analysis in his talk “Is PCI The No Child Left Behind Act For Infosec?”
The problem are well-known and significant: too much ambiguity in the PCI DSS, Qualified Security Assessors (QSAs) and consultant using subjective interpretations, existing guidance either too prescriptive or too vague, scope missing critical systems that could risk cardholder data, overly broad scope and excessive testing costs, excessive subjectivity and inconsistency, poor use of scarce resources, no meaningful reduction in risk of data breaches, and so forth.
For years, I have been studying the PCI DSS compliance problem, as well. I have noticed many similarities to the PCI compliance challenges and the “SOX-404 Is The Biggest IT Time Waster” wars in 2005. I was part of the leadership team at the Institute of Internal Auditors (IIA) where we did something about the it. We identified inability to accurately scope the IT portions of SOX-404 as the root cause of the billions of dollars of wasted time and effort, while not reducing the risk of financial misstatements.
I propose to present the two-year success story of the IIA GAIT project and how we changed the state of the IT audit practice in support of SOX-404 financial reporting audits. We defined the four GAIT Principles, which could be used to correctly scope the IT portions of SOX-404. We mobilized over 100K internal auditors, the SEC and PCAOB regulatory and enforcement bodies, as well as the external auditors from the 8 big CPA firms (e.g, Big Four and other firms doing SOX advisory work). In short, we made a difference, in a highly political process that involved many constituencies.
I am attempting to do something similar with the PCI Security Standards Council, through my work as part one of the leaders of the PCI Scoping SIG (Special Interest Group). My personal goal is to find a “third way” to better enable correct scoping of the PCI Cardholder Data Environment, and create a risk-based approach of substantiating the effective controls to ensure that cardholder data breaches can be prevented, and quickly detected and corrected when they do occur.
My desired outcome is to find fellow travelers who also see the pile of dead bodies in PCI compliance efforts, and work with those practitioners to catalyze a similar movement to achieve the spirit and intent of PCI DSS.
Join us to learn:
---1. The key components of physician contracting programs
---2. Steps to take to avoid risky contracting situations
---3. Best practices for creating internal processes
Key Bankruptcy Considerations Heading into a RecessionQuarles & Brady
As the impact of the COVID-19 pandemic continues to evolve, US businesses are already feeling the impact of a potential economic downturn. Presenters will discuss key considerations that may present themselves in the event of a recession, including modification and forbearance agreements, amendment/default scenarios, risks regarding "slow pay" and termination of key contracts, and priority rights of suppliers in bankruptcy, as well as implications of the Small Business Bankruptcy Act for potential debtors.
Original air date: Oct. 2, 2017
Rebroadcast and recording info at http://www.mhmcpa.com
This quarterly webinar will bring you up-to-date on hot topics, technical matters and current events impacting financial reporting and the accounting profession.
Professionals from CBIZ and MHM will discuss recent happenings at the Financial Accounting Standards Board, American Institute of Certified Public Accountants, Securities and Exchange Commission, Public Company Accounting Oversight Board and other relevant governance bodies. We will also touch on recent tax changes and proposed legislation.
Semantic Enterprise: A Step Toward Agent-Driven IntegrationCognizant
Knowledge-driven enterprises can become more adaptable, dynamic and collaborative by using semantic technologies to integrate openly available data into the ecosystem.
Don't Let Your Data Get SMACked: Introducing 3-D Data ManagementCognizant
Establishing data accuracy and quality is central to data management, but the SMAC stack - social, mobile, analytics and cloud - both makes it more complex to do so and offers tools for accomplishing the mission. We devised a three-tier "3-D" plan for data management based on integration, data fidelity and data integration.
Using Gamification to Build a Passionate and Quality-Driven Software Developm...Cognizant
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Selecting a Software Solution: 13 Best Practices for Media and Entertainment ...Cognizant
When selecting commercial off-the-shelf software (COTS), companies in the increasingly digitally-based media and entertainment industry need to develop a detailed advance plan, obtain support from all stakeholders and continuously monitor vendor performance against critical expectations, best practices and business requirements.
Key Factors to Consider When Hosting DAM in the CloudCognizant
Detailed evaluation of various digital asset management (DAM) hosting service models - such as infrastructure as a service (IaaS) and software as a service (SaaS) - including costs, advantages and disadvantages, a set of prospective questions for DAM vendors and a use case example
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Changes in the wealth management industry are driving the need for a flexible, scalable platform that enables wealth managers to differentiate their services and profitably serve the mass affluent and mass markets.
U.S. Travel and Hospitality: Embracing a SMAC-Driven FutureCognizant
Airlines, hotels and travel agents are driven to holistically embrace social, mobile, advanced analytics and cloud to boost business performance and retain share of wallet.
By focusing on organizational enablers and robust software engineering practices, e-commerce companies can shorten the development lifecycle, outmaneuver the competition and remain relevant in the eyes of customers.
Remaking IT for New U.S. Mortgage Rule ComplianceCognizant
To benefit from the improved housing market, lenders need to play offense by finding new ways to efficiently comply with regulations, tighten controls over the lending process and better engage with customers.
Over 15 years in the Mortgage Industry with proven experience in high volume claims processing, loss mitigation, closings, bankruptcy, foreclosure, and fraud and risk assessment. A leader with strong analytical skills, effective strategic planning, and credit analysis, the ability to function efficiently in multi-task environments, and make positive productive decisions.
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All you want to know about Outsourcing Post-Closing Mortgage AuditGloriaFlorence2
Mortgage Post-Closing is a process that is performed after the mortgage document has already been signed. For more information, please click on below link: https://www.maxbpooutsourcing.com/mortgage-process-outsourcing .
Irrespective of the loan type and the size of the lending organization, every loan application must followed these stages to reach fruition. The way in which a lending organization handles the origination system is characteristic of its efficiency and its ability to adapt to the dynamics of the industry.
Visionet’s Repurchase Portal improves the effectiveness of decisions by increasing the number of successful appeals, and increasing the efficiency of the department by automating routine operations, leveraging skills, enforcing rules and reducing costs for the department. Visionet’s Repurchase Portal brings efficiency, value, and ease of information exchange within various departments in a uniform and a centralized manner.
Property & Casualty: Deterring Claims Leakage in the Digital AgeCognizant
For property and casualty insurers, the persistent and vexing problem of claims leakage can be effectively curtailed by applying digital technology with cutting-edge clarity.
Mortgage Banking: A Holistic Approach to Managing Compliance RiskCognizant
With regulatory compliance requirements rapidly on the rise, we offer a full-spectrum approach for mortgage banks for compliance risk management, combining regulatory analysis, identifying competing regulations, instituting operational process controls, effective data quality and document management strategies.
"In the times where acquisitions and buyouts are trending, the field of due diligence emerges as one of the most relevant fields. Prima facie, without delving in"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/corporate-law/process-due-diligence.html
"In the times where acquisitions and buyouts are trending, the field of due diligence emerges as one of the most relevant fields. Prima facie, without delving in"
TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Law , Goods and Service Tax etc.
To know more visit https://taxguru.in/corporate-law/process-due-diligence.html
Using Adaptive Scrum to Tame Process Reverse Engineering in Data Analytics Pr...Cognizant
Organizations rely on analytics to make intelligent decisions and improve business performance, which sometimes requires reproducing business processes from a legacy application to a digital-native state to reduce the functional, technical and operational debts. Adaptive Scrum can reduce the complexity of the reproduction process iteratively as well as provide transparency in data analytics porojects.
It Takes an Ecosystem: How Technology Companies Deliver Exceptional ExperiencesCognizant
Experience is evolving into a strategy that reaches across technology companies. We offer guidance on the rise of experience and its role in business modernization, with details on how orgnizations can build the ecosystem to support it.
The Work Ahead: Transportation and Logistics Delivering on the Digital-Physic...Cognizant
The T&L industry appears poised to accelerate its long-overdue modernization drive, as the pandemic spurs an increased need for agility and resilience, according to our study.
Enhancing Desirability: Five Considerations for Winning Digital InitiativesCognizant
To be a modern digital business in the post-COVID era, organizations must be fanatical about the experiences they deliver to an increasingly savvy and expectant user community. Getting there requires a mastery of human-design thinking, compelling user interface and interaction design, and a focus on functional and nonfunctional capabilities that drive business differentiation and results.
The Work Ahead in Manufacturing: Fulfilling the Agility MandateCognizant
According to our research, manufacturers are well ahead of other industries in their IoT deployments but need to marshal the investment required to meet today’s intensified demands for business resilience.
The Work Ahead in Higher Education: Repaving the Road for the Employees of To...Cognizant
Higher-ed institutions expect pandemic-driven disruption to continue, especially as hyperconnectivity, analytics and AI drive personalized education models over the lifetime of the learner, according to our recent research.
Engineering the Next-Gen Digital Claims Organisation for Australian General I...Cognizant
In recent years, insurers have invested in technology platforms and process improvements to improve
claims outcomes. Leaders will build on this foundation across the claims landscape, spanning experience,
operations, customer service and the overall supply chain with market-differentiating capabilities to
achieve sustainable results.
Profitability in the Direct-to-Consumer Marketplace: A Playbook for Media and...Cognizant
Amid constant change, industry leaders need an upgraded IT infrastructure capable of adapting to audience expectations while proactively anticipating ever-evolving business requirements.
Green Rush: The Economic Imperative for SustainabilityCognizant
Green business is good business, according to our recent research, whether for companies monetizing tech tools used for sustainability or for those that see the impact of these initiatives on business goals.
Policy Administration Modernization: Four Paths for InsurersCognizant
The pivot to digital is fraught with numerous obstacles but with proper planning and execution, legacy carriers can update their core systems and keep pace with the competition, while proactively addressing customer needs.
The Work Ahead in Utilities: Powering a Sustainable Future with DigitalCognizant
Utilities are starting to adopt digital technologies to eliminate slow processes, elevate customer experience and boost sustainability, according to our recent study.
AI in Media & Entertainment: Starting the Journey to ValueCognizant
Up to now, the global media & entertainment industry (M&E) has been lagging most other sectors in its adoption of artificial intelligence (AI). But our research shows that M&E companies are set to close the gap over the coming three years, as they ramp up their investments in AI and reap rising returns. The first steps? Getting a firm grip on data – the foundation of any successful AI strategy – and balancing technology spend with investments in AI skills.
Operations Workforce Management: A Data-Informed, Digital-First ApproachCognizant
As #WorkFromAnywhere becomes the rule rather than the exception, organizations face an important question: How can they increase their digital quotient to engage and enable a remote operations workforce to work collaboratively to deliver onclient requirements and contractual commitments?
Five Priorities for Quality Engineering When Taking Banking to the CloudCognizant
As banks move to cloud-based banking platforms for lower costs and greater agility, they must seamlessly integrate technologies and workflows while ensuring security, performance and an enhanced user experience. Here are five ways cloud-focused quality assurance helps banks maximize the benefits.
Getting Ahead With AI: How APAC Companies Replicate Success by Remaining FocusedCognizant
Changing market dynamics are propelling Asia-Pacific businesses to take a highly disciplined and focused approach to ensuring that their AI initiatives rapidly scale and quickly generate heightened business impact.
The Work Ahead in Intelligent Automation: Coping with Complexity in a Post-Pa...Cognizant
Intelligent automation continues to be a top driver of the future of work, according to our recent study. To reap the full advantages, businesses need to move from isolated to widespread deployment.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Accpac to QuickBooks Conversion Navigating the Transition with Online Account...PaulBryant58
This article provides a comprehensive guide on how to
effectively manage the convert Accpac to QuickBooks , with a particular focus on utilizing online accounting services to streamline the process.
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
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What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
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The Attorney Scorecard: Accelerating the Foreclosure Process while Improving Compliance
1. The Attorney Scorecard: Accelerating
the Foreclosure Process While Improving
Compliance
Given the drawn-out process and wildly expensive legal fees associated
with foreclosures, it is imperative for mortgage servicers to closely
assess attorney performance to effectively manage costs and time
and heighten operational efficiency.
Executive Summary
In the U.S., foreclosure is pursued only after all
collection alternatives have been exhausted
by designated collection and/or loss-mitigation
departments.
A foreclosure group initiates the foreclosure
and monitors proceedings to help ensure that
the loan is processed in a timely manner and in
accordance with the guidelines established by
state law, private mortgage insurance (PMI)
carriers and investors.
Usually, after a mortgage servicer has run out of
all possible alternatives to avoid foreclosure, the
lender “refers” the paperwork to an attorney/
trustee located near the property in question.
Typically, the lender will refer files after three
missed payments (a standard set by The Federal
Housing Administration). The attorney then initi-
ates a foreclosure action (see Figure 1, next page).
The foreclosure process for each state is
governed by laws that define the proceedings.
There are two primary types of foreclosures:
judicial and non-judicial (see Figure 2, page 3).
Judicial foreclosure results when an attorney
files a case in court. Non-judicial foreclosure does
not require a court action, but does necessitate
filing a document within the county where the
property is located. This can be initiated either by
an attorney or a trustee.
Mortgage foreclosure is a lengthy and expensive
legal process. Depending on the state, the time
it takes to process a foreclosure can vary. For
example, in Texas, a foreclosure can be processed
within as little as 27 days, whereas in New York,
parties are allowed up to 445 days to complete a
foreclosure.1
From a compliance perspective, it
is important to spend the minimum number of
days allowed to complete the foreclosure process.
However, trends suggest that the actual time it
takes to complete most foreclosures is lengthy.
On average, loans in foreclosure in Florida, New
Jersey, Hawaii and Maine remain delinquent for
more than 500 days. In the case of California and
cognizant 20-20 insights | march 2014
• Cognizant 20-20 Insights
2. cognizant 20-20 insights 2
Nevada, the average is between 427 and 461 days.
In Nebraska and Wyoming, the states with the
shortest foreclosure timelines, loans in the fore-
closure process remain delinquent an average of
358 days.2
The reasons for these delays can be attributed
to judicial factors such as backlogged courts,
antiquated systems and judges' schedules. Also,
government-backed progr-
ams can slow the process
due to temporary moratori-
ums, mandatory mediation
sessions, loan modification,
or assistance programs
such as the Home Afford-
able Modification Program
(HAMP). In some cases, borrowers hire attorneys
as a foreclosure defense, which further slows the
process. Adding to the delays are court filings like
bankruptcy and loss mitigation.
A monthly report highlighting attorneys’ perfor-
mance can allow servicers to reward the best
performer while keeping the foreclosure pro-
cess in compliance with various state and federal
regulations. An attorney scorecard solution sets
out the imperative task: It “slices and dices” the
incoming data to assess attorney performance in
every foreclosure process, and identifies prob-
lem areas within the servicing system. In our
analysis following several projects on attorney
assessment, we reviewed the effects of introduc-
ing a dynamic monitoring system for foreclosure
attorneys. Our findings concluded:
• The existing foreclosure system is mired in a
tangled web of long-winded paper documents.
• The performance of mortgage attorneys plays
a crucial role in determining the timeline of
every foreclosure and avoiding unnecessary
legal chaos.
• To improve and track the attorneys’ perfor-
mance, mortgage firms need to put in place a
scorecard system.
This paper provides a brief overview of factors
contributing to lengthy foreclosure timelines,
which can result in higher expenditures and put
mortgage firms at risk for non-compliance. We
will also propose a solution for introducing an
attorney scorecard to strengthen firms’ legal
resources.
From Delinquency to Property Sale: How a Foreclosure Works
Figure 1
Day 1–59
LossMit Notice
Delinquency
Notice
Day 35–62
Breach Letter
REO180
Days
Third
Party
Purchase
Day 90–120
Refer to
Attorney
Day 120–250
Foreclosure
in Process
Day 180–250+
Foreclosure
Sale
Day 60
Loss Mitigation Workouts/
Short Sales/Mods/Forbs/Reinstatements
Day 60–89
FAR/EA Review
Note: The above foreclosure timeline represents the average foreclosure process without any delays or the
impacts of the currentenvironment.
Mortgage
foreclosure is
a lengthy and
expensive legal
process.
3. cognizant 20-20 insights 3
The Current Process
Typically, foreclosure files are processed in a
structured environment. Each loan moves from
desk to desk – monitored by a representative
designated to ensure that state and investor
guidelines are followed.
Refining the Foreclosure Process
In the recent national mortgage settlement,
the top five servicers had to pay US$25 billion
towards relief of distressed borrowers, and
another US$1.5 billion to compensate borrow-
ers who lost their homes to foreclosure between
January 1, 2008 and December 31, 20113
. If these
staggering numbers are anything to go by, drawn-
out foreclosure timelines translate into unneces-
sary expenditures for the mortgage servicers.
As stated earlier, foreclosure is a costly and
lengthy process that comes with high attorney
fees. Understandably, servicers push to complete
foreclosures to avoid unnecessary delays and
costs and comply with state regulatory norms.
At the same time, in order to avoid hefty penal-
ties, servicers have to ensure that the processes
they follow are compliant with the Department
of Justice and the Office of the Controller of the
Currency guidelines. This requires them to con-
tinuously monitor and measure their attorneys’
performance.
The Attorney Scorecard: Implementa-
tion and Challenges
An attorney scorecard solution can be integrated
with an existing application for default process
management. It can be used to help balance
attorneys’ workloads and control the number of
referrals, based on the overall time spent by the
firm in resolving a foreclosure case.
There are several ways to track an attorney’s per-
formance. One of our clients decided to integrate
a scorecard solution with their existing applica-
tion for managing business processes. Others
have tried to implement an attorney scorecard
as a utility sitting on top of servicers’ technology
Judicial and Non-Judicial Foreclosures: A Comparison
First Legal Action Service Judgment Entered Foreclosure Sale
Varies by state-
specific guidelines.
Timelines can range
anywhere from 30–
90 days, with most
states completing
within 30 days.
• Colorado – NED
Filed and
Publication.
• Indiana – Notice of
Sale and
Publication.
• Michigan – Only
Publication.
N/A N/A
Varies by state specific
guidelines. Sale is
typically set within
30 days of Publication;
however, some states can
run 45–60 days.
• Colorado – 45 days to
set sale.
• Wyoming – 58 days to
set sale.
• Michigan – 48 days to
set sale.
• Georgia – 26 days to
set sale.
Complaint/
Petition filed.
• Each state has
their own timeline
to complete. Gen-
erally, complaint
is filed within
20–35 days. Attor-
ney reviews File,
PACER (for other
information), and
SCRA review, as
well for servicer
protection.
Typical timeline for
service to complete is
30 days; however, if
our attorney is not able
to serve the borrower,
we must serve by
publication, which
can take an additional
30–60 days. Attorney
now files affidavit of
indebtness, mediation
notice, track bankruptcy
filing and confirms and
sends payoff quote.
This action requires a date
with the court. While the
it has about a 30–60 day
timeline, many courts are
experiencing significant
delays. Due to this delay, it
can take up to 150 days to
complete. Attorneys perform
tasks like starting judgment
motion, scheduling hearing
if borrower is contesting
and then updating judgment
back to servicer setting up
hearing.
Foreclosure Sale is
set 30–60 days from
judgment being entered.
There are a handful of
states that require the
Redemption Period before
the sale, which can add an
additional 120–180 days to
the foreclosure process.
Attorneys perform tasks
like schedule sale, bidding
instruction to country,
manage sale and then
deed transfer.
Non-JudicialForeclosureJudicialForeclosure
Figure 2
4. cognizant 20-20 insights 4
infrastructure. Either way, the scorecard should
be integrated with the applications used for hand-
ling default loans and, most important, with the
foreclosure module to monitor and speed up the
process (see Figure 3).
A meaningful scorecard application should allow
servicers to:
• Manage and configure the length of a report-
ing period for the attorneys.
• Generate the attorney scorecard report based
on the performance of each attorney during
the reporting period.
• Identify and designate key performance indi-
cators (KPIs) in the foreclosure process, which
can be used to provide a detailed evaluation of
attorneys’ performance. Monitoring progress
and the date/time of the completion of a
task will be captured in the system through
the scorecard application. Following are the
milestones that most servicers would target
to complete and use in the attorney scorecard
report:
» Foreclosure file received by attorney.
» First legal action.
» Completion of service.
» Judgment entered.
» Notice of sale.
» Sale scheduled.
» Foreclosure sale held.
Fast-Tracking Foreclosures with an Attorney Scorecard
Figure 3
Servicing System
• New Loan Boarding
• Payment Posting
• Account Inquiry
• Delinquency Tracking and Assignment
Servicing Application Landscape
ExternalSystemsCoreSystems
LossMit/DefaultServicingOther
Attorney Scorecard
• Generate performance scorecard
• Attorney Assignment and Load Balancing
Web site
Collections
• Collections
• Segmentation
• Pre-qualifica-
tion
Loss Mitigation
• Mods
• Repay Plans
• Short Sale
Default
Management
• Default
• Foreclosure
• Bankruptcy
Web site
Borrower
Comm.
• Self-Service
• Doc Upload
• Communica-
tions
REO Web site
REO
• REO Listing
Dialer/
Telephony
• IVR - Call
Handling
• Call Recording
Doc Mgmt.
• Indexing
• Storage &
Retrieval
• Repository
Payments
• Payment
Processing
Workforce
Mgmt.
• Work
Distribution
• Projections
Web Apps
• NPV Model
• Property
Valuation
• Early Dlq.
Score Model
• Production/
Adhoc MIS
• IMS (File
Management)
Invoicing
• Invoice
Automation
Valuation Field Services
Credit Reporting
Bureaus
Credit
REO Listings Lien Releases
Custodian PMI BK Notification Insurance Demands Tax
5. cognizant 20-20 insights 5
• The attorney scorecard can also provide
servicers with the functionality they need to
configure timelines for every stage of foreclo-
sure, tailored to each state.
Scorecard Output
The tasks of assessing the performance of
individual attorneys and obtaining an exhaustive
report on foreclosure proceedings become easier
and more seamless with an attorney scorecard
report (see Figure 4). The following components
constitute the report:
• Transition: This reflects a major event tran-
sition within a foreclosure process. Servicers
should be able to create and configure event
transitions they would like to see in the report.
• Servicer Benchmark Days: This is a yardstick
for measuring the performance of the attorneys.
For certain key event transitions, servicers can
set deadlines by referring to past data and guide-
lines issued by entities like Fannie Mae or USFN.
• Attorney State Average: This will show the
average number of days it took for an attorney
firm to complete the event within a state.
• Servicer State Average: This is the average
number of days it took all attorney firms in the
state to complete an event transition. This will
be the simple average of the Attorney State
Averages.
• Standard Deviation: Standard deviation tells
how the time taken to complete each event
varies from the mean time. The standard devi-
ation of Attorney State Average is:
• STDEV.P= n , where “x” is Attor-
ney Average in number of days, (statistical
mean) is the average number of days taken
to complete an event transition per attorney
per state, and “n” is the number of attorneys
that completed a given event transition in
that state.
• State Rank: This reflects the numerical
ranking of attorneys based on the Attorney
Average. An attorney with the lowest Attorney
Average will be placed first, and so on.
The key challenges in implementing an attorney
performance scorecard are collecting data from
various applications that support servicing and
default processes, and charting the performance
of each attorney against gross time frames or
selected filters. To make this even more com-
plex, the guidelines for tracking the foreclosure
process vary by state. If collecting data is com-
plicated, the greater challenge for servicers is
standardizing the scorecard for all the attorneys.
This is especially critical, given the absence of
any published investor and/or guarantor-specific
benchmark for measuring and comparing attor-
ney performances.
Conclusion
Servicers working on foreclosures walk a tight-
rope. On one hand, they have to follow guidelines
to make sure that the legal process is diligently
followed, that required documentation is shared
with defaulting borrowers and courts, and that
Sample Attorney Scorecard
State: Alabama Period: January 2013
From To
Attorney
Firm Name
Servicer
Benchmark
Days
Attorney
State
Average
Servicer
State
Average
Standard
Deviation Volume
Attorney
State
Rank
File
Received
Foreclosure
Sale Held
78 108 60
Longhall Lawyers 48 10 1
Feilwell Hathrof 168 20 2
File
Received
First Legal
Action
40 50 0.25
MLRP Lawyers 48 10 1
Morrison
Associates
50 20 2
Yarding
Associates
52 20 3
Figure 4