MORTGAGE TECH PRODUCT SHOWCASE
Working with local banks and credit unions in the Pacific Northwest as a flood determination provider, Chronos Solutions (formerly UPF Services) recognized the need to provide a tax monitoring service to assist those clients in mitigating their risk of delinquent taxes within their servicing portfolios. Building on 25 years of expertise when they acquired UPF Services, Chronos now provides services nationwide, including full tax outsourcing functions.
“We are a nationwide tax services company that takes a consultative approach with this service,” said Chronos Solutions CEO Mark Hikel. “This approach helps address our clients’ risk tolerance in a nimble fashion, while providing the leading tax service in the nation.”
Chronos’ real estate tax monitoring service is tailored for each client, enabling them to select annual monitoring or monitoring after each tax cycle. Full outsourcing services are also available. Chronos reports 65 data points to clients when delinquencies are found, including tax sale information. Because the company identifies high-risk counties and states by client, it can provide an action plan when delinquencies are discovered.
The responsibility for monitoring the details of how and when taxes need to be paid is shifted from the servicer to Chronos, along with the liability of having to pay penalties and interest.
“Clients enjoy the freedom of not needing to maintain the nationwide tax experience required to successfully pay/monitor taxes,” Hikel said.
In another innovation, the company’s lien release services allow users to manage order status in real time using Chronos’ interactive technology platform. Customers no longer have to locate hardcopy images of deeds or mortgages to send to Chronos to process, they can simply provide the company with the recording information and then Chronos locates the image to prepare the lien release.
And because Chronos e-records in over 1,800 recording counties nationwide, it can e-record within days of preparing the lien release.
“We are a nimble company that can adjust to customers’ specific needs regarding lien release processes and reporting needs in a timely fashion,” Hikel said.
Chronos tracks lien release order requests by their state compliance regulation from either the paid in full date, or date received, based on the date from which the state regulations starts the compliance clock. Its work queues are then designed to accommodate the process of orders first which are within 10 days of being out of compliance to ensure they are recorded.
“Clients benefit from the proactive approach we take in managing their orders based on state regulations, which ensures they are not out of compliance — resulting in reject rates that are less than 1%,” Hikel said.