Bill’s Interview Series EPISODE 2

Bill's Interview Series EPISODE 2

Bill Newland – The Beginnings of the Black Knight Performance Metrics

Welcome to the 360Legal Florida Process Server Podcast where we discuss all things Service of Process. Today, we are streaming Bill Newland, Vice President of Business Development at 360Legal.

In this segment, we discuss the early days when Bill created the groundwork for what would become the Black Knight performance scorecard.

Interviewer:You were actually one of the original people involved in setting the Black Knight metrics. Can you tell me about that whole process of when you developed analytic and metrics tools for evaluating people in the mortgage service industry?

Bill Newland

Developing the LPS scorecard for law firms, it's a value, that we thought there at, LPS back in the day, which is now a Black Knight company.

The value of being able to see the analytics behind how well the attorneys perform on milestones. When I mean milestones, I mean the events between taking a foreclosure from the day it's referred to the time that you either sell that property or take it back as a third party sale. By measuring those metrics, we are able to determine how well they performed, and where they might have been faltering in their monitoring of the overall process.

This helped the law firms not only with their days to sale, but it also helped them as far as getting fees sooner in the process by starting to collapse their timelines, by managing their milestones. Developing the report card, (the LPS report card back in the day), meant the world to now what we do in the mortgage servicing industry, managing law firms, managing vendors, managing your outsourcers.

Everybody is managing based off of performance metrics. And LPS had a lot to do with that back in the day. I actually sat down with couple gentlemen, Greg Whitworth and Scott Barnes back in the day with, James Iredale, who's still with Black Knight, and we talked about how do we measure law firms and we sat in a room with an air hockey table and actually put the metrics up on a whiteboard and started just brainstorming and we would sit there probably for at least a couple months just mapping out how we wanted to measure the attorneys, . We knew it was gonna have a huge impact in the industry, and it did, It had probably the, the one of the largest impacts in the mortgage service industry in reference to managing timelines. When it comes down to it, it's managing profitability, profitability for the law firms, profitability for the mortgage servicers, profitability for the vendors, which, when you look at 360 legal, when talking with Mike, that's one of the things that he emphasized, that we measure our milestones in reference to our process to serve also our skip tracing.

Those are very important pieces with his technology, whether it's 360 Total View, which looks at the whole process from both process to serve, skip tracing, getting the files updated and through our integrated systems and utilizing his technology the same way we did our, scorecards.

Being able to bring all that together and bringing the information that I bring from my stints as far as with, whether it's with mortgage, servicers or attorney offices. I've managed vendors, post and pub companies. So by utilizing these type of metrics it is very important cuz ultimately that's what the investors, and that's what the servicers are looking for in the attorneys.

So it's important that us as a vendor of the attorney, to make sure we have the, the best performance we can possibly give them to ensure that their, cost, time is cost. So you wanna make sure that you're collapsing that timeline down because ultimately your cost will shrink also.

And also, you know, you look good for the servicers because if your metrics as an attorney are better than the attorney's metrics, that's down the street from you. We use the state of Florida in Fort Lauderdale, Florida. There's, you know, four or five different law firms right down the street from each other.

Metrics and performance is how you end up getting additional work in our mortgage servicing industry. And it's very important that, we constitute that into what we do as 360 legal.

Spokesperson:We hope you've enjoyed Mike's insights and encourage you to visit 360legal.net.

VIEW INTERVIEW