Regardless of the economic climate, tax servicing companies and large self-servicing lenders are continuously looking for ways to improve upon current methods for assessing risk as well as ways to provide more timely and accurate service. Many of today’s challenges are related to a lack of automation and the timeliness of data associated with large volume processing. The traditional data acquisition, storage and retrieval for processing is extremely expensive and creates too many exceptions due to stale, dated, or inaccurate information.
At loan origination, property searches are performed on an individual basis and have individual timelines. However, during tax servicing cycles, large volumes of parcels must all be searched within strict time constraints.
Risk Mitigation – Processing hundreds/thousands of parcels to identify unpaid property taxes that put the lender/investor at risk is a critical function of tax service.
Portfolio Acquisition/Sale – Timeliness and accuracy in determining exposure from delinquent property taxes for parcels being acquired or sold is imperative.
Delinquent Tax Date Downs – The ability to determine those parcels that are out of compliance with lender guidelines regarding the payment of taxes, after multiple requests, requires information as current as the tax jurisdiction’s.
Portfolio Analysis – Accurately determining the exposure from delinquent property taxes in a portfolio requires information that is as current as the collector. Data stored at a 3rd party site can often return false results.
Tax Bill Procurement – Time constraints imposed on the servicer due to late file processing or lack of file availability causes high risk to penalty exposure as well as a high probability of negative client impact. Timely and accurate processing is critical.
Using a unique combination of process and technologies, Workplace has developed a platform for Web Data Extraction that enables comprehensive information retrieval. Because the data is pulled in real time from the tax collector's own website, the information is as update to date and accurate as possible.
Workplace Technologies has developed a convenient web application and set of web services to process requests based on a single parcel search as well as large volume batches. All search results are available directly from the website, or they can be delivered through email, or system to system integration. – Please contact us for integration documentation.