System and method for assessing loan servicer performance in prosecuting security interest enforcement actions

• US 8,924,268 B1
• Filed: 09/11/2006
• Issued: 12/30/2014
• Est. Priority Date: 09/14/2005
• Status: Active Grant

• Current Assignee: OneDemand.com, Inc.
• Original Assignee: OneDemand.com, Inc.
• Inventors: Jackson, Robert J., Jackson, Paul, Jackson, Scott
• Primary Examiner(s): FELTEN, DANIEL S
• Application Number:
  US11/519,589
• Time in Patent Office: 3,032 Days
• Field of Search: 705/35, 705/36, 705/37, 705/37.R
• US Class Current: 705/35
• CPC Class Codes: G06K 19/00 Record carriers for use with machines and with at least a part designed to carry digital markings
• CPC Class Codes: G06Q 10/06 Resources, workflows, human or project management; Enterprise or organisation planning; Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/0639 Performance analysis of employees; Performance analysis of enterprise or organisation operations
• CPC Class Codes: G06Q 10/06398 Performance of employee with respect to a job function
• CPC Class Codes: G06Q 10/067 Enterprise or organisation modelling
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/0201 Market modelling; Market analysis; Collecting market data
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 50/18 Legal services

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. The legal process managers submit queries and deadlines selected to timely guide the attorneys and contractors through the requirements of the security interest enforcement actions. The attorneys and contractors submit responsive answers revealing the status of their enforcement actions. The legal process management system allows the monitored attorneys to share in the information provided by the monitored contractors. The legal process management system further includes mechanisms for reminding the attorneys and contractors about impending deadlines. The system also allows the attorneys and contractors to be assessed on their success in complying with the queries and deadlines submitted by the legal process managers. An events based management system is also disclosed to aid in the completion of an SIEA event. The events based management system follows and calculates completion times for an SIEA and its subparts by providing a flexible system for managing SIEA milestones and events. A reporting system is also provided for keeping track of event and milestone completion.

Claims

1. A method for evaluating the performance of a loan servicer in managing one or more security interest enforcement actions, the method comprising:

storing in a computer-readable medium a listing of one or more security interest enforcement actions managed by a loan servicer;

storing in said computer-readable medium one or more milestones associated with the one or more security interest enforcement actions;

determining, using one or more computer processors in communication with the computer-readable medium, projected times needed to complete one or more of said milestones by applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and/or random-frequency events associated with said milestones;

receiving, by the one or more computer processors, information on the actual times taken to complete said one or more milestones of said one or more security interest enforcement actions; and

generating an assessment of the performance of the loan servicer, using said one or more computer processors, based at least in part on comparing the actual times taken to complete said one or more milestones to said projected times.

2. The method of claim 1, wherein comparing the actual times to said projected times comprises comparing the timeliness in meeting a total projected time associated with meeting all milestones associated with completion of at least one of said one or more security interest enforcement actions.

3. The method of claim 1, wherein applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with at least one of said one or more milestones comprises:

generating, by the one or more computer processors, one or more fixed-frequency events associated with completing said milestone, said fixed-frequency events having associated projected durations for completion;

generating, by the one or more computer processors, one or more random-frequency events associated with completing said milestone, said random-frequency events having associated projected durations for completion; and

applying a stochastic model to said generated fixed-frequency and random-frequency events to determine a projected time for completing the milestone.

4. The method of claim 1, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

5. The method of claim 1, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

6. The method of claim 1, wherein the one or more security interest enforcement actions comprises a forced collateral liquidation of a loan secured by real estate.

7. The method of claim 6, wherein the one or more security interest enforcement actions comprises a real estate foreclosure action.

8. The method of claim 7, wherein comparing the actual times to said projection times further comprises comparing the timeliness in meeting a total projected time associated with meeting all milestones associated with completion of the foreclosure action.

9. The method of claim 7, wherein applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with at least one of said one or more milestones comprises:

generating, by the one or more computer processors, one or more fixed-frequency events associated with completing said milestone, said fixed-frequency events having associated projected durations for completion;

generating, by the one or more computer processors, one or more random-frequency events associated with completing said milestone, said random-frequency events having associated projected durations for completion; and

applying a stochastic model to said generated fixed-frequency and random-frequency events to determine a projected time for completing the milestone.

10. The method of claim 7, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

11. The method of claim 7, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

12. The method of claim 6, wherein the one or more security interest enforcement actions comprises a bankruptcy action.

13. The method of claim 12, wherein comparing the actual times to said projection times further comprises comparing the timeliness in meeting a total projected time associated with meeting all milestones associated with completion of the bankruptcy action.

14. The method of claim 12, wherein applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with said one or more milestones comprises:

generating, by the one or more computer processors, one or more fixed-frequency events associated with completing one or more of said milestones of said bankruptcy action, said fixed-frequency events having associated projected durations for completion;

generating, by the one or more computer processors, one or more random-frequency events associated with completing one or more of said milestones of said bankruptcy action, said random-frequency events having associated projected durations for completion; and

applying a stochastic model to said generated fixed-frequency and random-frequency events to determine a projected time for completing one or more of said milestones of said bankruptcy action.

15. The method of claim 12, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

16. The method of claim 6, wherein the one or more security interest enforcement actions comprises a post-foreclosure eviction action.

17. The method of claim 16, wherein comparing the actual times to said projected times further comprises comparing the timeliness in meeting a total projected time associated with meeting all milestones associated with completion of the post-foreclosure eviction action.

18. The method of claim 16, wherein applying a stochastic model that accounts for the occurrence of one or more fixed-frequency events and one or more random-frequency events associated with said one or more milestones comprises:

generating, by the one or more computer processors, one or more fixed-frequency events associated with completing one or more of said milestones of said post-foreclosure eviction action, said fixed-frequency events having associated projected durations for completion;

generating, by the one or more computer processors, one or more random-frequency events associated with completing one or more of said milestones of said post-foreclosure eviction action, said random-frequency events having associated projected durations for completion; and

applying a stochastic model to said generated fixed-frequency and random-frequency events to determine a projected time for completing one or more of said milestones of said post-foreclosure eviction action.

19. The method of claim 16, wherein applying a stochastic model to said generated fixed-frequency and random-frequency events comprises applying the mathematical formula:

20. The method of claim 16, wherein the loan servicer is rated on the loan servicer'"'"'s past performance associated with security interest enforcement actions in a particular jurisdiction.

21. The method of claim 16, wherein the loan servicer is rated on the loan servicer'"'"'s past performance associated with security interest enforcement actions in a particular court.

22. The method of claim 16, wherein the loan servicer is rated on the loan servicer'"'"'s past performance associated with security interest enforcement actions in front of a particular judge.

23. The method of claim 18, wherein one or more of said projected durations takes into account the time of year that said events take place.