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Suggesting that loan servicers develop and implement robust vendor management programs for foreclosure counsel would likely have surprised many servicers 24 months ago. Today, law firms, consultants and in-house servicer teams with specialized default firm audit training crisscross the country conducting extensive on-site visits of default firms, examining everything from locks on the doors and filing cabinets to sufficiency of notary policies and procedures. We have, indeed, come a long way and, while law firm vendor management continues to evolve at a break-neck speed, a few basic lessons may be drawn from the experience to date. In today’s column, we touch on five such lessons.

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