Lawyers Are Learning To Go Online with Default Billing Service.(Brief Article)(Statistical Data Included)

In a paper intensive industry, few aspects of the business demand as much labor-intensive paper shuffling as default management.

But a young company here is working to change that. NewInvoice president Rich Rollins believes that both mortgage servicers and foreclosure attorneys will benefit by moving the attorney billing process online.

NewInvoice, founded by Mr. Rollins in early 1999, allows attorneys to send bills to servicers online and track them via a website.

"In the mortgage industry, this is probably the truest example of a B2B, e-commerce application," Mr. Rollins said.

Attorneys benefit because electronic bill presentment gives them faster turnaround on invoices. It also gives them visibility to review the status of invoices that have been sent to a lender, eliminating problems associated with tracking lost or neglected invoices.

Servicers benefit because it reduces time spent looking for lost bills, sorting out duplicate invoices and investigating invoices for compliance with servicer or investor requirements.

Mr. Rollins said NewInvoice offers lenders a standardized, Web-based solution to manage the default billing process. The workflow aspect of the software checks the bills for compliance with investor, financial and business rule compliance prior to submitting the invoice to the servicer for processing.