Oversite Data Services, a national provider of docket-based compliance and management solutions, recently released a white paper that demonstrates how court docket-based data can be used to establish benchmarks for law firm performance. The data can be used to provide mortgage servicers, law firms, investors, insurers, and regulators with greater transparency on their litigated cases.
The white paper is based on data from over 20,000 foreclosure loan files in one of Florida's largest counties. The data revealed that foreclosure litigation timelines differ substantially among law firms.
Oversite Data Services found that the average foreclosure timeline varied up to 216 percent among law firms between 2008 and 2013. The percentage of cases started in 2012 that were resolved in 12 months or less varied among firms from 11 percent to 50 percent of total caseload.
Additionally, the company found that the market share of foreclosure cases was widely distributed among firms—the sample included 46 firms, with no firm with more than 13 percent of market share.
The company reported that cases with a bankruptcy discharge varied almost 500 percent among the top 10 firms by caseload, with average days added ranging from 113 to 520.
The company notes their analysis can reduce foreclosure timelines and improve portfolio management.