DS News - Digital Archives

» VISIT US ONLINE @ DSNEWS.COM 69 will reach $3.8 trillion. Strategic investment in technology is the real game-changer with expenditures in mobile technology leading the way. No longer must a vendor be tied to a desktop or laptop to upload reports and photos. Advances in wireless communication have severed the land line and offer vendors the freedom to complete their work anywhere. As consolidation in the field services industry continues, more emphasis is being placed on efficiency, especially in managing vendors—the boots on the ground. Order workflow has taken on a strategic focus as technology is allowing decisions to be made at the property level. Heat maps that visually plot which contractors in an area have extra capacity help to determine where work orders should be funneled. Supply chain network designers utilize this information to determine where to issue work orders and to which vendors. is information is overlaid with vendor quality results to determine optimal order distribution. It also can alert to the need to change order flow and work distribution to another vendor, if for example, a vendor runs into a capacity issue related to a significant amount of work at a property and needs additional time before it can take another work order. Data analytics and heat maps can identify the next best choice and route work to a different vendor. Distribution of work orders verified by data analytics reduces time loss, leading to faster response times, improved compliance, higher quality of work, and ultimately, reduced costs. For clients, this efficiency also translates into a higher return on their investments in the form of lower field service costs. As banks place more and more emphasis on reinvesting in vacant properties and getting squeezed by compliance burdens, field service companies need to be cognizant of this new dynamic and savvy enough to integrate data from the field with technology to create processes that optimize efficiency. SELF-AUDITS: IMPROVING PERFORMANCE AND SATISFYING REGULATORS Although market conditions have evened out as the country appears to leave the financial crisis behind, the rules of the mortgage game are still changing. New and tighter regulations are squeezing an already highly-regulated mortgage industry, putting players at greater risk than previously experienced. is scrutiny not only affects mortgage companies, but also cascades down to field services companies and their vendors and employees. But it doesn't stop there. It cascades further down to sub-vendors who must also comply with all regulatory requirements. Field services companies are finding themselves in a unique position to help their servicing clients maneuver through myriad of government regulations, as well as strengthen their own risk-management requirements. Servicers today must document nearly every process to demonstrate compliance. To monitor and ensure compliance with internal policies and external regulatory requirements, companies not only audit their own processes and outcomes, but also those of their vendors and suppliers. And this has never been more important than in today's mortgage servicing business. e ability to maintain compliance ultimately rests on having sound processes. What processes are in place to ensure client and customer confidentiality? Are vendors and their subs licensed in the various municipalities in which they are working? Are work orders being distributed in the most efficient way possible? e list goes on and on. Vendor audits add another level of oversight and are a useful tool in developing competencies that can help vendors complete work accurately and on time. A strong focus on compliance and quality control procedures helps assure all parties involved—vendors, field services companies, mortgage servicers, and investors—comply with all regulations and ordinances. is protects the condition and value of vacant and abandoned properties, upholds the value and integrity of surrounding properties and neighborhoods, and protects the most fragile communities from expanding blight. Being agile in today's business world means being adaptable. It means managing ever-evolving needs and regulations. It means creating nimble operations that can see the forest through the trees as market conditions shift. e common thread that spans the field services industry is that property and neighborhood preservation will continue to be vital to the servicing industry; and data, technology, and compliance are the new forces driving the field services companies that will succeed in this new world. COVER STORY INDUSTRY INSIGHT POINT- COUNTERPOINT M ARKET PUL SE "Investments in business intelligence, technology, and quality control are spurring innovations that were never thought of a couple years ago. THESE INNOVATIONS ARE HAVING A SIGNIFICANT IMPACT ON THE ABILITY TO MANAGE THE BOOTS ON THE GROUND— the field services vendors who are working in our neighborhoods as the eyes and ears for mortgage servicers.

• Cover