IMU_Milestone Billing

Milestone Billing

Milestone billing is a way for a servicer to manage the payment of allowable fees related to properties going through the foreclosure process.

When attorneys submit invoices for fees, guidelines define the maximum allowable amount they can bill. These guidelines are based on:

the type of service completed by the attorney.
the contract between the servicer and vendor.
legal considerations, such as the state the attorney does business in, the type of loan and whether it is a judicial or non-judicial process.

After consideration of these guidelines, the maximum allowable fee amount is determined. A percentage of this amount is calculated according to the events completed in the process by the attorney. This is the maximum amount the attorney can bill at this time and is immediately displayed to the attorney when the invoice is created. These maximums are also available to servicers when the View All Events link is clicked from the Invoice Detail screen.

Invoices that exceed the maximum allowable amount can be submitted but are flagged with an exception. As a result, an attorney is required to provide an explanation for the overage as a Line Item Note, which is viewable to the servicer.

This optional feature is available to servicers who are also ForeclosureSM users and must be activated by an administrator.

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