It happens often in today’s incredibly busy world and can seem innocuous: a business and service provider missing the deadline to renew their contract. It will happen eventually and what’s the harm in a short delay if needed?

Third-party vendors, such as real estate tax servicers, are critical to the operations and success of any bank or credit union (though some institutions will have more vendor relationships than others). Managing those vendor relationships closely is critical in today’s environment, as there are many risks associated with outsourcing key...

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...

If you’ve been with your real estate tax monitoring vendor for years, contract renewals may seem almost like a formality. However, your institution can greatly benefit from evaluating your current experience and exploring other options—before you sign the renewal. This blog will explore the importance of due diligence at contract renewal, in...

Whether managing escrow processing in-house or outsourcing, there are many potential inefficiencies that cost lenders time and money. When you’re handling operations day-to-day, it can be difficult to identify challenges. Individual frustrations or inefficiencies may seem minor or “just the way things are” to your staff, but may add up to...

Our last two blogs have focused on the consequences of not properly monitoring real estate tax delinquencies, and common mistakes lenders make when managing tax tracking internally. As a quick review, when tax delinquencies aren’t accurately monitored, they can result in significant fees, risk of lost properties, and unhappy borrowers.

In our last blog, we examined potential consequences of when a lender isn’t on top of their property tax delinquency tracking. Those repercussions included massive interest and fees, risk of lost properties and unhappy borrowers.

In a world driven by finances, many companies operate with an attitude of doing the least possible work or taking the easiest route, to boost efficiency and benefit the bottom line. When a third-party software provider takes this approach, it can mean headaches for the institution who outsources to that provider. 

Your financial institution isn’t the same as any others out there, so when you invest in outsourcing lender services, you want a vendor who offers solutions tailored to your unique processes and needs. However, many lender services companies in the market today offer one-size-fits-all solutions that a bank or credit union must adapt to....