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
