We live in a digital era with smart phones, smart TV’s, and even smart homes. Every business in the world has the ability to now automate many of their processes. However, even with the availability of automation, there are still organizations using old technology that is inefficient and no longer cost effective. One such example is filing notifications of bankruptcy for loan servicers and banks.
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Today, loan servicers are faced with the headache of tracking and posting trustee payments to their loan portfolios. This is a lengthy process that can take a team of up to 10 people several hours on a weekly or monthly basis to monitor these debtors and their respective default loans. This manual process of linking to the National Data Center (NDC) and pulling the pre- and post-petition payments then manually applying them to the systems of record is inefficient and costly.
read more Bankruptcy filings among hospitals and medical centers more than tripled in 2017, according to data compiled by Bloomberg. While there are many factors contributing to this financial volatility, the political battle over The Affordable Care Act, known as Obamacare, could be a continuing force behind the restructuring of debt and bankruptcy filings in the healthcare sector.
read more As you likely know, the Consumer Financial Protection Bureau amended the Real Estate Settlement Procedures Act (Regulation X) and Truth in Lending Act (Regulation Z) Mortgage Servicing Rules regarding the information that a servicer must provide on all future bankruptcy statements. Compliance is required as of April 19, 2018, and compliance is no small feat.
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