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» VISIT US ONLINE @ DSNEWS.COM Jeff Raff offers his perspective on the compliance implications and legal benefits that come with today's advanced case management systems and highlights the positive results such technology offers servicers. He is managing partner of Trott & Trott, P.C. Increased Capacity Geary: With the significant increase in the complexity involved with processing a foreclosure comes a host of new technical, logistical, and procedural challenges for servicing professionals. Raff: Exactly. And when you factor in the increased scrutiny from regulators and, correspondingly, the heightened demand for accuracy, accountability, and transparency from clients and investors, it's not hard to see why default servicing law firms have had to evolve. Geary: In light of these new circumstances, files are in the process; they want confirmation that everything is proceeding as planned; and, if things are not going as planned, they want to know why not. It is here that new reporting capabilities really shine. Geary: The best systems deliver that ins and outs of the technology's reporting process. He is EVP at National Default Exchange (NDeX). expertise to explaining the mechanics of the industry's most sophisticated case management systems and presents the Rich Geary lends his technical From general trends to file-specific breakdowns, the level of timely and relevant information has increased dramatically. information at the push of a button, including real-time customized status reports based on any number of flexible criteria. Raff: That can boost client confidence and the intuitive nature of the best case management systems is one of their biggest assets. Raff: In an industry where precision is essential and delays and mistakes can be very expensive, timely processing in a comprehensive and accurate manner is the central focus. Regular Updates Raff: These days there is a great deal of interest from investors and clients regarding the status of their loans: they want to know where New Insights Geary: The result of today's upgraded help to create constructive solutions to problems that may not have been immediately—or at all— obvious in the past. Deep Detail Raff: From a reporting standpoint, a list of loans with a one-word status report is no longer good enough. The name of the game these days is detail, and this detail unlocks a whole new scope of possibilities. Geary: So true. Which is why it is valuable for a case management system to be able to provide reports with both impressive big-picture perspective and extraordinary loan-level detail. technologies and increased detail is that this level of reporting and analysis not only identifies problems, but often it also provides a road map to resolve them. It is not just more data, it is usable data: information delivered in context and in a manageable, comprehensible format. Raff: That enhanced perspective makes a real difference. When clients know exactly where they stand with each loan, they have the ability to identify bottlenecks and delays quickly—and to resolve them efficiently. They can subsequently communicate with the right people to address a delay, get a file moving, and, most important implement future strategies on their end to make sure delays and setbacks don't happen again. On the servicing side, this promotes a proactive approach to processing, enabling law firms to anticipate potential snags before they arise. 65