Blog_milestone-events

5 Tips for Automating Milestone Events

They are referred to as Milestone Events, Step Updates, SBlog_milestone eventstandard Events, Tracking Events, etc. Default Servicing (i.e.: Foreclosure & Bankruptcy) attorneys and trustees deal with hundreds or thousands of milestone events on a daily basis. These events are tracked through the life of a foreclosure and vary by state. Examples of milestone events include: file received by attorney, first legal action, service complete, sale held, etc.

To update these events – attorneys are required to log into to various mortgage servicer (“servicer”) web sites (i.e.: LPS Desktop, VendorScape, etc.) access the correct file number and enter the event and completion date. Major Servicer platforms that support event update integration are: LPS Desktop, VendorScape, LenStar, Clarifire, and BAC BPI. These systems support data interfaces so that the events can be completed with automation.

This list is in no way complete. I invite you to add your favorite tips in the comment section.

Top 5 Milestone event automation tips:

  1. Implement incrementally. Start with easy events such as file received & first legal action then move to more complex events such as sales results. Implement one or two events at a time so that you can assimilate into your business process.
  2. Manage Exceptions. Once live with automation – you will now need to track events that do not complete for some reason such as: event already completed, case ID does not exist, file closed. By proactively analyzing exceptions – you can track trends while implementing process improvements.
  3. Run your sync reports. Most servicer systems offer synchronization reports to match up unique client system IDs to ensure proper updates to active files.
  4. Communicate with staff members. Include key business unit staff in the loop during implementation and ongoing efforts to ensure buy-in and maximize process automation.
  5. Follow 80/20 rule. Do not go into this thinking 100% automation up front. You will get the best results when you don’t sweat the small stuff. By automating 80% of your events – you will maximize return on investment and position your firm to handle more files and improve accuracy. The 20% consisting of exceptions can be managed with other automated processes.

Milestone event automation benefits all default servicing parties involved by: reducing labor, control costs, improving data purity, and trimming timelines. For the attorneys and trustees – event automation will boost your competitive advantage by improving servicer scorecard rankings and overall profit margins.

Harry Beisswenger
CEO
NetDirector
(813) 774-4797
harry@netdirector.biz
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