LERETA, a national real estate tax and flood service provider, recently announced it is providing new automation to the tax industry—something that has not been done in decades—with the release of its Total Tax Solutions (TTS).
LERETA is providing a new, web-based platform designed to integrate loan servicing and tax service data, for use by standard tax reporting servicers. The platform features dashboards, reporting, workflow management and built-in servicer guidelines for tax payment processing activities.
According to the announcement, TTS allows servicers to efficiently process a pre-cycle mini-audit, automate tax payments, open items, conduct tax research and review delinquencies and payments. The five modules on the platform are Pre-Cycle Audit Manager, Tax Cycle Manager, Escrow Open Item Manager, Delinquency Manager and Task Research Manager.
“Existing loan servicing systems have limited capabilities when it comes to managing the functions required for taxes,” said LERETA CEO John Walsh. “This causes an increase in servicing costs and the potential for mistakes that can frustrate borrowers. Total Tax Solutions make it easier for servicers to process tax payments, research tax-related inquiries from borrowers or internal departments, manage delinquency reporting and risk and substantially improve customer service.”
Walsh continued, “The platform has allowed LERETA to deliver extraordinary service in an industry where the standard for outsourcing servicing is abysmal. We are proud to now offer our standard tax clients a tool that effectively merges siloed systems and produces a more efficient and secure process. Until now, servicers have been forced to work around system shortcomings by depending on spreadsheets and disparate local databases. These “Band-Aid” solutions did not identify data integrity issues, which could cause reporting events that produce more exceptions, causing manual work for a loan servicer.”
LERETA’s TTS have been in use by LERETA’s outsource tax division to manage more than 2.5 million loans. The platform has been a driver in LERETA’s ability to meet over 99.6 percent of customer SLA’s during that time and 100 percent over the last six months.
During that same period, TTS also helped LERETA to reduce its penalties from claims and interest down by 70 percent, refunds processed by 30 percent and calls from borrowers down by 30 percent.
“An example of the platform’s capabilities was when we used TTS' the Escrow Open Items manager module to audit/clean-up all payee codes prior to tax season for Washington State,” said Teresa Oates, Escrow Supervisor at Alabama Housing Finance Authority. “This provided accurate information on the TARS for a match and pay, which in turn provided true open items under the beta test. We spent less time doing clean up and were able to process and pay all bills in a more efficient manner.”