How Does Your Property Tax Monitoring Vendor Ensure Accuracy?

February 5, 2020

Compliance Lender Services Real Estate Tax Monitoring Outsourcing

Last week we talked about the real estate tax monitoring services that Info-Pro offers and why you should choose us when outsourcing this service. As a quick refresher, Info-Pro offers unparalleled customer service, on-demand reporting, transparency, automatic rechecks of delinquencies, and places a great deal of importance on accuracy and customization. All of these things play a role in real estate tax monitoring and aim to keep your institution—and your borrowers—safe.

Today we would like to focus on a very special service that we offer—3-on-3 verification. While other vendors claim to provide the most accurate results, many fall short.

Accuracy is absolutely critical to ensuring borrowers do not go delinquent and, in turn, institutions remain in compliance. By taking a unique, client-focused approach to property tax monitoring, we are able to offer a higher level of customer service while preserving portfolio accuracy and integrity at the same time. This approach to escrow processing and real estate tax monitoring is what sets us apart from other vendors.

The Importance of 3-on-3 Verification

Info-Pro’s exclusive 3-on-3 verification plays an instrumental role in preventing borrowers from going delinquent. We manage lender accounts in a unique manner that focuses on customization and accuracy. Unfortunately, many other vendors do not perform accuracy checks like we do, which means they oftentimes miss discrepancies in portfolios. Our 3-on-3 verification system is in place to catch any parcel changes and to make sure the right parcel gets paid. This is especially important when working with tax agencies, as the smallest error can result in the wrong parcels taxes getting paid. When this happens, the borrower of the other parcel becomes unexpectedly delinquent, which creates even more serious problems. Info-Pro’s 3-on-3 verification cross-checks the following:

  • Property tax key number
  • Property address
  • Owner name

While it may seem like checking these items is something all property tax monitoring vendors should do, in reality this is not the case. It is not uncommon for a property owner to make a change to their parcel without notifying their lender or tax agency. This is where Info-Pro’s 3-on-3 verification system comes in handy. By performing rechecks and focusing on parcel accuracy, you will never have a case of mistaken identity when paying out taxes.

Related Reading: Best Practices for Vendor Management in Banks and Credit Unions

To learn more about this exclusive system or to schedule a consultation with an Info-Pro representative today to discuss real estate property tax monitoring, please contact us today.Download Now