CONTACT

1 Customer

  • The largest commercial mortgage servicer

2 Business Situation

  • 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 from late payments
  • Needed help in identifying such incorrect loan records without the added cost of performing delinquent or open tax searches for every loan

3 Solutioning

  • RETS platform automatically reviews each loan for potential problem based on review of the agency payment

4 Execution

  • Collateral report was enhanced to include tax payment due date and discount date in addition to property information like parcel number and collecting agencies 
  • Further customization made to proactively report loans at risk

5 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 additional review to avoid penalties