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43 ยป VISIT US ONLINE @ DSNEWS.COM quickly. Obviously you can audit the servicer and say, okay, you've made this error a few times and now we're going to just assume that you're making that across your portfolio, assess a big penalty, and all that. We spent an awful lot of time analyzing what it takes to really get a property into conveyance condition and looking at gaps in the process and ways we can help fill those gaps. We've identified many areas where it's not necessarily somebody's fault: it's just a lack of coordination, a lack of communication, and systems that don't talk to each other. We're in a unique position to be able to plug many of those gaps because we're good at the collateral; we're good at data and moving data between systems and we're good at investor claims. We know what the file needs to look like in order to be successful in the claim. HOW CAN THE INDUSTRY ADDRESS INEFFICIENCIES IN THE HAZARD AND INVESTOR CLAIMS MANAGEMENT PROCESS? It comes back to communication and coordination. So many times, we find that the components within the servicing shop that are responsible for, say, property preservation are not communicating effectively with the folks that are responsible for the investor claims process, and may not even be in the same location half the time. Sometimes there are policies that haven't been looked at for a long time. In many cases, we find ourselves in the hazard side pursuing claims that maybe are not really worth it for the bank to pursue. ey're not big enough in potential recovery size and the additional time that it adds to the process doesn't make it worth while. ey should just go ahead and advance that and get the repairs done themselves. Many times in our working with servicers, we actually print these huge architectural diagrams on blotters at FedEx, have the guys come into our shop, and we'll show them: this is the hazard process. is is the investor claims process. ey're up on the wall. We take out colored pencils and we show where our process is and where we think those bottlenecks are with them. HOW HAS THE NATURE OF INTERACTING WITH LEGACY SYSTEMS CHANGED? It always comes down to the people. We interact with legacy systems all day, every day, to the point where we just assume that we're going to have that. Systems access is always an issue. Moving data is always an issue. It's frustrating that you have to work through that, but sitting down and having real business conversations with the servicer or with the other parties, setting expectations that are realistic, that is the biggest thing you can do. DS News is the leading publication dedicated to providing default servicing professionals with news and content focused on their industry. SUBSCRIBE TO THE LEADER IN DEFAULT SERVICING NEWS SUBSCRIBE NOW! Call 214.525.6700 or connect with us online at DSNews.com.