New platform aids in REO property recovery
January 17, 2005
Aims to control risk, minimize loss on bank-owned real estate
A new technology platform launched by legal services provider Jackson & Associates offers to manage the recovery of occupied real estate-owned property, or REO for short. The Symphony platform is designed to control the risk associated with occupied REO, and manage the legal and related processes involved in post-foreclosure property recovery.
"The risks incident to the recovery of occupied REO are quite different from vacant REO, both in terms of the frequency and severity of risk exposure," Robert Jackson, president and senior managing attorney with Jackson & Associates, said. "Identifying and controlling these risks is the key to minimizing loss."
Enterprise-level tools provide management insight into all REO legal process, including post-foreclosure bankruptcy matters, complex litigation, and evictions. A broker management module facilitates information transfer from assigned brokers, including regular vacancy checks. Support for ancillary recovery efforts enables management of cash-for-keys/cash-for-trash offers across the enterprise, including document distribution. Coordinated information flow is managed by Symphony's patent-pending "query and answer" technology, making the entire property recovery process integrated.
Symphony also does away with standard possession timelines, often a ubiquitous benchmark in managing occupied REO. A proprietary rich data model provides an innovative alternative, driving dynamic exception identification and real-time reporting control for all legal process. This new approach can deliver dramatic results: an aggregate time savings of as much as 30 days relative to standard possession timelines, reliable ratings of both attorney and broker performance, as well as uncommonly accurate estimates of time-to-completion.
Symphony is available to clients of Jackson & Associates who have executed a service agreement with the firm.
Copyright 2005 Inman News