When it comes to ensuring your institution is doing everything it can to succeed and draw in new customers, it is imperative you give your internal operations a good, hard look. While many banks and credit unions take the “we can do it all” approach, this isn’t always great for business. In some cases, outsourcing services like real estate tax monitoring might be one of the best decisions you make internally this year.
Real estate tax services are an important part of lending and it is crucial that your institution is doing everything it can to make sure your borrowers are set up for success. Outsourcing real estate tax services can not only make your life easier as a lender, but can help your borrowers as well. There are many reasons for this, but today we are going to focus on how a real estate tax services vendor can help with Due Diligence.
What is Due Diligence?
As you know, Due Diligence (as it pertains to real estate taxes) is a lengthy, somewhat complicated process that can cause issues for both borrowers and lenders. Because of this, it is generally recommended that you plan ahead and make sure all your ducks are in a row before it’s too late. The right real estate tax services vendor can go a long way in helping your institution meet all deadlines and make sure all the proper boxes are checked, so to speak. However, it is important to keep in mind that not all vendors are the same. This means that, while you may be outsourcing real estate tax services to a vendor, they may not be doing everything they can to help your institution - and your borrowers.
How Can the Right Vendor Help?
If you take the time to find a good vendor who offers customizable services, on-demand reporting, accuracy, efficiency, and more, you will be saving your customers and your institution interest against CLTV per lending guidelines. This is incredibly important, as it shows that the right vendor can provide appropriate solutions for real estate tax monitoring services.
For institutions working under contract with another vendor but thinking of moving to a different one, it may be a good idea to start planning ahead and looking for a vendor that will offer services and solutions that go above and beyond. The majority of real estate tax services vendors take a “one size fits all” approach, which is not in the best interest of each individual institution. By working with a vendor who instead offers customized services and will take the time to work closely with you to ensure the right solutions and practices are being implemented, you will be setting your institution up for success and steering clear of any Due Diligence issues.
For institutions who are not currently serviced by a vendor, it may be time to start thinking about outsourcing real estate tax services. Not only will outsourcing help you and your borrowers meet deadlines and remain in compliance with federal regulations, but it will free up internal resources and help you streamline all your processes.
To learn more about Info-Pro’s real estate tax monitoring services, please contact us to set up a consultation today.