The Client
The largest commercial mortgage servicer
Challenge
- Total tax amount reported annually - ~$1.4B
- Total tax paid out annually - ~ $403M
- Needed to eliminate tax payment delays to avoid penalties
Solution
- RETS platform implemented as it offers customized solutions based on the portfolio characteristic
- Tracking & payment of property taxes on escrow & non escrow properties
Execution
- Service levels achieved for a client portfolio in one year:
- Reported 99.1% parcels within SLA
- Exceeded SLA by 10 days on 85.08% of the portfolio
Value Delivered
- 99.999% accuracy in tax payment processing
- Claims of only $3,875 on total paid out of $403M
- Proactive avoidance of penalties
- 99.1% of parcels reported 10 days before Economic Loss Date
- Lower Pricing
- 20% lower than competition
