SYSTEMS AND METHODS FOR MANAGING SECURITY INTEREST ENFORCEMENT ACTIONS
First Claim
1. A method for determining a monetary value for a recommended offer to settle a security interest enforcement action, the method comprising:
- storing, in a computer readable medium, data representing one or more milestones associated with the security interest enforcement action;
determining, using one or more computer processors in communication with the computer readable medium, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones and one or more random-frequency events that may or may not occur during completion of the one or more milestones, wherein applying the stochastic model to the one or more fixed-frequency and one or more random-frequency events comprises applying the mathematical formula;
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Abstract
A legal process management system facilitates simultaneous dynamic dialogs between legal process managers and networked attorneys and contractors providing services in connection with security interest enforcement actions (SIEAs). The legal process managers submit queries and deadlines selected to timely guide the attorneys and contractors through the requirements of the SIEAs. The attorneys and contractors submit responsive answers revealing the status of their SIEAs. In some embodiments, an events based management system uses a stochastic model to calculate completion times for the milestones of the SIEA, including the “events” that make up subparts of the milestones. This provides a flexible and powerful system for managing prosecution of the SIEA and for predicting likely durations. The stochastic model incorporates the concept of both fixed-frequency events and random-frequency events, and also allows for both controlled events and managed events. A reporting system is also provided for keeping track of event and milestone completion.
13 Citations
39 Claims
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1. A method for determining a monetary value for a recommended offer to settle a security interest enforcement action, the method comprising:
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storing, in a computer readable medium, data representing one or more milestones associated with the security interest enforcement action; determining, using one or more computer processors in communication with the computer readable medium, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones and one or more random-frequency events that may or may not occur during completion of the one or more milestones, wherein applying the stochastic model to the one or more fixed-frequency and one or more random-frequency events comprises applying the mathematical formula; - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A system for determining a monetary value for a recommended offer to settle a security interest enforcement action, the system comprising:
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a database stored in a computer readable medium, the database comprising data representing the one or more milestones associated with the security interest enforcement action, the database further comprising data representing one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones, the database further comprising data representing one or more random-frequency events that may or may not occur during completion of the one or more milestones; and a module comprising one or more computer processors in communication with the database, the module configured to; determine, using the one or more computer processors, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of the one or more fixed-frequency events and the one or more random-frequency events associated with the one or more milestones by applying the mathematical formula; - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21)
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22. A method for determining a projected time for completion of one or more milestones associated with a security interest enforcement action, the method comprising:
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storing, in a computer readable medium, data representing the one or more milestones associated with the security interest enforcement action; and determining, using one or more computer processors in communication with the computer readable medium, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones and one or more random-frequency events that may or may not occur during completion of the one or more milestones, wherein applying the stochastic model to the fixed-frequency and random-frequency events comprises applying the mathematical formula; - View Dependent Claims (23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A system for determining a projected time for completion of one or more milestones associated with a security interest enforcement action, the system comprising:
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a database stored in a computer readable medium, the database comprising data representing the one or more milestones associated with the security interest enforcement action, the database further comprising data representing one or more fixed-frequency events that will occur in a predetermined manner during completion of the one or more milestones, the database further comprising data representing one or more random-frequency events that may or may not occur during completion of the one or more milestones; and a module comprising one or more computer processors in communication with the database, the module configured to determine, using the one or more computer processors, a projected completion time for the one or more milestones by applying a stochastic model that accounts for the occurrence of the one or more fixed-frequency events and the one or more random-frequency events associated with the one or more milestones by applying the mathematical formula; - View Dependent Claims (34, 35, 36, 37, 38, 39)
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Specification