Bankruptcy Technology Isn't Just For the Big Loan Servicing Players Anymore

Fluctuating filing trends heavily affect bankruptcy case processing. Despite a downward filing trend in past years, the complexity of bankruptcy processing has increased, in part, because of a shift in the types of filings. But since a peak in active bankruptcies in 2010, banks, servicers and law firms have scaled back budget and resources for non-performing loan servicing. And, in addition to greater complexity of work, interest rate increases are expected to lead to an increase in filing volumes in the near future.

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Loan Servicing the Right Way: Reducing Risk, Cost While Maintaining Scalability

Declining bankruptcy volumes have increased pressure to reduce servicing costs per loan. Many cost-conscious professionals are looking to outsource overseas, reduce workforce, and even removing regulatory-related checks and balances to help meet the demand to “do more with less.” But these measures may lead to increased costs and risks, with a reduced ability to address volume fluctuations. Watch this webcast to learn real-world strategies to stay prepared for future changes in the bankruptcy market while still keeping an eye on the bottom line.

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Periodic Statements for Bankrupt Borrowers: What Loan Servicers Need to Know Now about the CFPB’s New Rule

The Consumer Financial Protection Bureau recently finalized new regulations for loan servicers. Soon, mortgage borrowers who have filed for bankruptcy will have the right to demand greater transparency and more communication from the companies that service their loans. Penalties for violating this requirement could add up quickly for servicers who are unprepared or under informed. Read what you need to know in this post.

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