The Client
The largest commercial mortgage servicer
The Client
- Collecting Agencies offer different discount dates for early payment of taxes
- Varying dates caused incorrect tax due date information to be recorded for several loans in the servicing system leading to penalties for late payments
- Needed help in identifying such incorrect loan records without the added cost of performing delinquent or open tax searches for every loan
Solution
- RETS platform automatically reviews each loan for potential problems based on a review of the agency payment
Execution
- The collateral report was enhanced to include the tax payment due date and discount date in addition to the property information like parcel number and collecting agencies
- Further customization made to proactively report loans at risk
Value Delivered
- Reduced penalties from late tax payments
- Helped eliminate late tax penalties - 3% penalties avoided for the whole portfolio
- Enhanced reporting to flag records that needed an additional review to avoid penalties
