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patterns in our industry, the great recession is
starting to be a period that many read about
but did not live through.
at is a concern moving forward as it
is imperative that as our economy slows, we
don't relive some of our industry's greatest
mistakes. e solution is truly quite simple:
education, participation, and implementation.
We cannot wait until the last minute to invest
in our default operations. Right now, default
departments are lean and have the ability to
implement new strategies. As volumes in-
crease, it will become a far greater challenge.
WHAT ARE THE NEW TECHNOLOGICAL DEVELOPMENTS
THAT ARE CHANGING THE WAY YOU DO BUSINESS? A
lot of the technology that we're implementing
today, we're implementing for multiple reasons.
Some of it is for streamlining processes, some
of it for overall efficiency, and some of it is for
fraud protection. e reality of the environment
that we're working in today is that we have to be
incredibly protective of all the information that
is being transmitted back and forth. We do that
through the education of our people. We do
that through the implementation of technology.
WHY ARE INDUSTRY EVENTS THAT FACILITATE
COMMUNICATION BETWEEN DIFFERENT INDUSTRY
STAKEHOLDERS SO IMPORTANT? We are obviously
operating today in a low-volume environment,
and more and more, we are seeing individuals
that don't have a history, or sense of history,
of where we came from during the Great
Recession. at is concerning because at some
point—again, no crystal ball—we will enter an
environment of increasing default work again.
Our industry is concerned, both on the legal
side, the servicing side and the vendor side,
with the preparedness of those individuals.
And how we can prepare them is through
education and participating in things like the
Legal League 100, and the Five Star Institute
events, and that's why they are so imperative
for our growth as an industry.
ere is a real sense of collaboration. ere
is an understanding of the state of the industry,
from all the parties involved, and an eagerness
for everybody to work together, not only for
the environment we're in, but for the environ-
ment that eventually we will be in.
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