Foreclosure Bankruptcy

Servicer Direct to Attorney

Foreclosure and bankruptcy processes and timelines are in a constant state of change. Servicers who cannot make quick changes to their process risk extended timelines and jeopardizing compliance.

Foreclosure Bankruptcy allows servicers to take direct control of foreclosure and bankruptcy processes. When a loan is selected for foreclosure referral, the product begins the pre-foreclosure process. The pre-foreclosure process walks staff through the quality review of a loan for all required data and procedural elements - title validation, loss mitigation review, and SCRA checks. Once pre-foreclosure checks have been successfully completed, the servicer electronically assigns an attorney to the loan. Foreclosure Bankruptcy uses an attorney direct model, ensuring clear and direct communication between the servicer and the attorney. Once an attorney has been selected, the servicer-controlled foreclosure matrix is utilized to determine workflow, milestones and timelines that the attorney is responsible for. These milestones include preparation of compliance, foreclosure affidavit, notice of default and deed recording. Servicer-designated timelines empower staff to focus on relevant non-compliant loans. Foreclosure Bankruptcy includes real-time integration with bankruptcy reporting services, automatically generating chapter- and investor-specific workflow for the proof of claims, reorganization plan and motion for relief processes.

Attorney document review tasking is included for every attorney milestone. Tasking allows internal staff to review and approve attorney material prior to filing, ensuring compliance. Hold and postponement statuses provide detailed tracking of potential issues and other delays that may occur during the foreclosure process. Foreclosure Bankruptcy also includes strict timeline controls to track delay reason, and escalate to management as necessary. Finally, internal quality milestones enable critical reviews such as SCRA searches and title validation to be repeated multiple times, supporting continued compliance on these critical data elements.

The attorney direct model utilized by Foreclosure Bankruptcy creates an unfettered exchange of data, documents and messages with a selected attorney. Combined with the EQMarketplace, servicers have access to thousands of experienced attorneys across the county – and can invite any attorney not on the Platform to join for free! Direct connections within the product and integration with Equator’s® entire product line allows implementation of dual tracking controls. These dual tracking controls enable bankruptcy notifications to suspend borrower outreach, and loss mitigation activities to postpone foreclosure events.

Benefits:

  • Increased process oversight
  • Greater speed to market for properties
  • Integrated compliance reviews
  • Improved foreclosure timeline management
  • Reduced outsourcing costs

For more information on this product, please contact Business Development