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50 Very similarly to the response provided in question No. 2, Brookstone's teams work to reduce hold-times by addressing the source causes for those delays. For example, Brookstone has increased verbal communications with field team members while they are onsite to reduce the need for return trips and to maximize the potential at each property. Completing what can be done during that same trip, communicating those needed actions to our clients, and gaining preapproval for our vendors to do as much as possible while they are at the asset has helped increase turnaround times and mitigated frustration on the vendors' part. Brookstone has and will always consider the bottom line for our vendors, working to ensure the most money ends up in the pockets of the experts doing the repairs onsite. One thing we've heard about is an ongoing demographic shift to a higher concentration of rural versus urban properties that go through the foreclosure sale process and are taken by the investors/insurers back into inventory. Have you seen this, and if so, what challenges are presented by this higher concentration of properties in "hard to serve" areas? Certainly, Brookstone can agree that a shift in demographics across all portfolios has shown a swift and major conversion from urban properties to more rural geographically challenging assets. is, coupled with the fickle and often outrageous cost of fuel, has been a hot topic of consideration during the discussion of vendor impacts. Consider this: vendors are not largely driving around to complete repairs in a fuel-efficient hybrid or electric vehicle—they are driving trucks that can carry all the tools, hardware, material/ supplies, etc. needed to complete the most work at the property in one trip. Furthermore, consider if that vendor must collect and remove debris, and how much fuel economy means to their operation. Debris removal is generally not approved to be done with the rental of a dumpster or other container. Vendors must often rely on their truck beds or a detachable trailer (open or enclosed) not only to remove the debris from site but also as a mechanism to justify cubic- yard measurement and ensure invoice accuracy. Furthermore, hauling the trailer (empty or full) further reduces fuel-efficiency on these vehicles. e cost of debris removal at the cubic yard hasn't been adjusted for almost 15 years, yet in the last 15 years cost of living, inflation, fuel, consumer price index, and other factors have all been shown only to increase—some exponentially so. What does that mean for the boots-on-the-ground just trying to remove debris from a home? Are there any other critical challenges you are facing headed into 2023? If so, how are you navigating and preparing for these? Critical challenges in the industry are faced by all in the default space, from investors/insurers down to the crews maintaining the properties' lawns. Regulatory changes will always cause swift analysis and require rapid response from the field servicing networks. However, being vigilant about preparing for what can be observed and quickly implementing procedural and operational changes will always help keep communities as free of negative impact as possible, ensuring mindfulness to borrower sensitivity and adherence to compliance requirements, all while protecting clients' interests and reducing their exposure. e added complexities facing the field servicing industry post-COVID have served to make companies like Brookstone more creative and better partners for our clients, as well as better supporters for our network of vendors. For example, advocating for them to be commensurately compensated for their efforts caring for our assets. Phil Johnsen SVP/General Manager, Servicing & Real Estate Solutions, Altisource What regulatory issues or impacts are most challenging for the property preservation sector? How are you navigating them? e ever-changing array of local municipal and state regulations pertaining to vacant and abandoned properties make it ever more difficult to remain compliant. is requires an increasing investment in the monitoring of state and local regulations, as well as an understanding of the variations between states and cities as they set requirements. Maintaining a matrix across all states and cities is a full-time job. A recent National Organization of Mortgage Field Services survey identified a significant exodus of vendor partners that provide direct boots-on-the-ground services. Are you experiencing challenges maintaining necessary labor or vendor partnerships, and if so, how are you combatting this? e exodus of experienced, competent subcontractors is the greatest challenge impacting field services companies. It doesn't matter if you are managing your own network of workers or relying on regional or national providers, the ability to get the work done in the field according to client/investor specifications is becoming more and more difficult. e root cause of the problem is a pay scale that does not allow vendors to make enough of a profit to keep them engaged in this industry. ey are fleeing to other jobs that offer higher earning potential and greater flexibility (Uber, DoorDash, etc.). Successful field services companies are hanging on by reducing their profits, paying more to get the work done, and increasing outreach and ongoing relationship-building to strengthen their relationships with proven vendors. Ease of doing business is a key factor, enabled by simple processes and superior technology. How are you and your team working to improve efficiencies within the industry to attract and retain new talent and improve the economic model for those that have remained in this sector? We are investing in better technology to improve the vendor experience, increasing the ease with which they work with us (simplifying processes), and driving for greater clarity in setting expectations for desired work outcomes. Feature By: David Wharton