Curing the headache of tracking and posting trustee payments on default loans

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.

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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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The Epiq Angle brings you our thinking on topical issues in eDiscovery, bankruptcy, corporate restructuring, data breach response, global business transformation solutions, class action, and mass tort administration.

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