BK19 Sessions: These panels and presentations will analyze, in a “plain-English” format, areas for purposes of demonstrating what has become known as the “Best-In-Class Bankruptcy Shop.”
- State of Bankruptcy –Keynote Speaker, John Crane, Esq.
John Crane received his bachelor’s degree from the University of Tennessee and his law degree from Mississippi College School of Law. Crane counsels national mortgage servicers on the myriad of federal and state laws impacting foreclosure, bankruptcy, loss mitigation, REO, eviction, and other areas of the default servicing industry. His areas of expertise include bankruptcy law, creditors’ rights, foreclosure law, property law, Fair Debt Collection Practices Act, Truth-in-Lending, RESPA, mortgage regulatory compliance, banking regulations, and FCRA. Crane has devoted much of his time to the consumer bankruptcy space and has played an active role in the National Association of Chapter 13 Trustees Mortgage Committee and currently serves as the Committee’s Co-Chairman. Before joining RAS Crane and establishing BK TEK, he was the Deputy General Counsel of Citi’s North American Operations where he provided legal support to the default servicing areas within Citi’s consumer businesses.
- Bankruptcy Technology – Bankruptcy departments are still filled with manual processes and unnecessary exception processes. Many servicers still maintain “pencil-ledger” processes. The Best-in-Class sessions examine firms that are embracing technologies designed to significantly improve operational efficiencies and quality.
- Operational Efficiencies – In response to the high demands of the National Mortgage Settlement, OCC Consent Orders, CFPB Exams, etc., bankruptcy departments have found themselves in a state where their processes and controls are “over-engineered” to a point where costs are increasing at an alarming rate, while operational efficiencies continue to suffer. The Best-in-Class shops are embracing end-to-end reviews to maximize operational efficiencies and eliminate “waste” while still maintaining a best-in-class control environment.
- Featured Keynote – Brad Geisen, CEO, BK Global
Brad Geisen is a 30-year veteran of the default real estate industry, pioneering leading technology solutions that achieve remarkable results. Throughout his career, Geisen has created and currently operates many successful websites such as Foreclosure.com, HomePath.com, HomeSteps.com, TaxLiens.com, HUDHouses.com, and many more.
He developed and ran a pilot program for the United States Department of Housing and Urban Development (HUD), which became the highly effective HUD M&M Program, which still operates today. In that pilot, Geisen created for HUD the first online offer management platform, which has become the industry standard used by top GSEs such as Fannie Mae, among others.
- Improved Risk Management – Historically, servicers have not prioritized their bankruptcy departments to align them with sufficient subject matter bankruptcy expertise to adequately mitigate risk. The Best-in-Class shops are embracing appropriate bankruptcy subject matter expertise to manage reputational and financial risks associated with bankruptcy properly.
- Outsourcing – In the past, mortgage servicers were polarized in two groups: those that outsourced their bankruptcy wholesale and those that retained bankruptcy servicing and only outsourced true legal functions. The Best-in-Class shops have recently conducted exercises around identifying their core competencies for purposes of identifying those areas that should be outsourced and those which should be retained by the servicer.