Property taxes at a municipal and county level haven’t seen much innovation during our lifetime. How can such an analog process be integrated with the rapidly evolving technology in areas such as originations, eClosings and cloud-based platforms?
LERETA is solving that challenge by leveraging new technology to manage complex, difficult-to-mine data, and moving the real estate market forward in the process.
“LERETA is connecting technology to tax servicing that hasn’t been seen before. We are committed to changing this paradigm,” said Jonnine Eras, first vice president, senior operations manager at LERETA.
With over 23,000 agencies taxing real estate differently, the required management of paying taxes correctly at closing and the timely payment of taxes for escrowed loans is complex. LERETA’s investment in technology that connects servicing systems to fast and accurate tax data has allowed the company to increase accuracy and timeliness while improving the homeowner experience.
Three years ago, LERETA released the first version of its Total Tax Solutions (TTS). TTS provides extensive property tax tools and seamlessly integrates tax service and loan servicing data into a single platform, which includes dashboards, reporting, workflow management and built-in servicer guidelines for tax payment processing activities.
TTS eliminates the gap between tax service and loan servicing systems, resulting in decreased costs, risks and borrower frustration. The platform allows loan servicers to efficiently process a pre-cycle mini audit, automate tax payments, search open items, view tax research, and review delinquencies and payments. All data is fully integrated to prevent re-keying or guesswork, which reduces overall costs and the risk of errors.
TTS gives servicing clients complete visibility, at the loan level, to LERETA’s service.
“LERETA has taken a very reactionary industry process of escrow disbursements and created a transparent workflow to help customers proactively forecast and manage the process for their borrowers,” said Jory Beech, senior tax operations manager.
LERETA’s tax services are challenging the status quo of the industry and introducing an interesting new take on how to define and measure what extraordinary tax service looks like.
“Since the release of LERETA’s Total Tax Solution, we have met 99.7% of all SLAs for all customers, almost unheard of in our industry. This higher service level has allowed us to significantly improve our responsiveness and accuracy to client needs, ultimately improving the end experience for the homeowner,” said Jim Micali, chief operating officer.
The industry has seen a void of healthy competition and innovation, resulting in the same pain points year after year, with servicers settling for the same solutions and service for over a decade.
LERETA is committed to helping you improve your borrower’s experience by improving yours – taxes may be complex, but your process doesn’t have to be. LERETA is committed to helping you provide your clients with the best possible service.