First American's Suit-on-Note Scoring Module Quantifies Optimal Resolution Projections for Investors and Servicers
May 7, 2008
DALLAS, -- First American Subordinate Lien Outsourcing, a member of The First American Corporation debutted its Suit-on-Note Scoring Module (SONSM Score). Used in conjunction with the determination of property equity and understanding the borrower's economic situation and intent, the SON Score helps servicers and investors ascertain the optimal resolution for servicing subordinate lien assets.
The SON Score provides an analysis of a respective borrower's current real estate assets as well as a determination of a loan's eligibility for the Suit- on-Note process, which is a different legal cause of action than a typical foreclosure action.
The SON Score is designed as a complement to the suite of scores and products provided by First American, including the recently released Second Lien Collectibility Score (SeLi SM Score), which utilizes an analytical risk versus reward rating system to quantify the actual potential of a second lien.
"The focus of all collection efforts is to determine debtor willingness and capacity to make payments on the debt," said Jason Pinson, president of First American Subordinate Lien Outsourcing. "The SON Score helps the servicer define the capacity to pay by looking for indications and actions on the debtor's other assets in a quick and efficient manner."
Source: The First American Corporation