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Home | Daily Dose | New Analysis Seeks to Reduce Foreclosure Timelines
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New Analysis Seeks to Reduce Foreclosure Timelines

Oversite Data Services, a national provider of docket-based legal compliance and management solutions, released a white paper Tuesday that demonstrates how court data-based management of foreclosure cases can reduce foreclosure timelines and improve portfolio management.

The analysis is based on a dataset of over 50,000 foreclosure loan files.

"Our analysis shows that it is possible to quantify a number of factors impacting foreclosure timelines that can then be used to benchmark foreclosure management and more accurately estimate foreclosure timelines," said Oversite CEO, James Albertelli. "Oversite’s docket-data based technology platform provides the transparency needed to better manage third parties through a data-based systematic process, minimize timelines and reduce avoidable risks."

The release noted that average servicer timelines varied up to 192 percent from 2007 to 2013.

The data noted a few broad trends, including:

  • Variations in foreclosure timelines by servicer, controlling for geography and year of foreclosure start.
  • Proactive foreclosure management can reduce the number and timelines of outlier cases.
  • Cases with foreclosures and bankruptcies present significant opportunity for proactive case timeline management.

Other findings in the white paper include that cases with a Lack of Prosecution (LOP) finding had an average foreclosure timeline of 308 days, and the number of LOP filings among servicers varied by over 500 percent.

About Author: Colin Robins

Avatar of Colin Robins
Colin Robins is the online editor for DSNews.com. He holds a Bachelor of Arts from Texas A&M University and a Master of Arts from the University of Texas, Dallas. Additionally, he contributes to the MReport, DS News' sister site.

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