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...

In 2016 we wrote about common challenges that financial institutions face during a merger or acquisition. It has remained one of our most popular blogs, so we’re revisiting the topic, including M&A trends we’ve seen in the past couple of years.

Over the last several weeks we have been discussing not only how outsourcing real estate tax services can benefit your institution and your borrower, but how it can work to streamline your internal processes. As we learned last week, this is especially true if you plan ahead and don’t jump into a partnership with a vendor on a whim. There are...

Last week we started to discuss why outsourcing real estate tax services is a good idea and how the right vendor can help with the Due Diligence process. With that in mind, today we would like to look at how working with a real estate tax services vendor can help you avoid delinquencies. Delinquencies are a major problem for many institutions...

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.