As servicers struggle to keep pace with rapid regulatory changes, one of the most complicated functions they are tasked with is property tax tracking. Servicers are spending too much time tracking tax bills and ensuring that they are being paid and settled with the many municipalities that can impose liens. As with most complex problems, the answer hinges in part on the latest technology. This will come as no surprise to mortgage professionals. As the industry continues to move towards digitizing every process, servicers are adopting technologies that help them effectively service loans in less time.
The property tax assessment protocols and tax collection procedures in use today are necessarily complex, as they vary significantly by state, county and local jurisdiction. Despite this fact, it is very important that servicers stay up to date with the latest tax changes for even a minor miscalculation can have a serious financial impact. Servicers are not staffed to give their tax servicing the time and focus it requires.
As a technology-driven solutions provider, SLK Global Solutions realized that servicers needed a better solution to overcome these challenges, so the company built the Real Estate Tax Servicing solution, RETS. The RETS platform can relieve mortgage loan servicers of tax-related problems and ensures they are fully compliant with all property tax requirements in all jurisdictions. RETS offers three unique advantages that servicers have not enjoyed in the past; (1) domain expertise, (2) consolidated services and the most important of all, (3) a vendor who provides peace of mind.
Today’s legacy technology systems are expensive and do not update or notify users about the latest regulatory amendments. These systems to not currently include tax modules that can meet the needs of most residential and commercial mortgage servicers. RETS is the answer to every servicer’s desire for more control, better pricing, higher quality and a better partner.
RETS is a client-centric, reliable and cost effective real estate tax service solution for commercial and residential portfolios. The platform offers Tax Search and Set Up, Escrow Reporting, Non Escrow Service, Tax Payment Processing, RETS Web and additional Delinquency-related services are all offered as part of the platform. It is an innovative technology that can be customized to unique client needs offered under a flexible fee structure based on lending habits and portfolio attributes. It offers a robust and interactive user portal with real-time access to nationwide property tax information. RETS is compliant with all regulatory requirements for third party service providers.