The BKFS/LPS Desktop (“BKFS/LPS”) APR scorecard is the benchmark for which BKFS/LPS ranks your firm against others in your state. We have put together some simple tips to help improve this score. Each state has their own weighting concerning the value of each step; however most states percentages are close to those given in the tips below. I invite you to add your favorite tips in the comment section.
Top APR Improvement tips:
- Referred to Received. This is calculated from the minute the servicer fills out the File Referred to Attorney event of BKFS/LPS and stops when the File Received by Attorney event is filled out. It is calculated from 8am – 5pm CST Monday – Friday excluding the 10 Federal holidays. The faster you can send back the event the lower this time will be and the better your APR score will be. However, this event only counts for approximately 2% of your overall APR score so in the big picture it is relatively unimportant. Any automation that can be done based of the file referred action can not only improve your APR score, but also allow your firms labor to focus on other manual processes required to complete larger weighted portions. Read more