LERETA, a national real estate tax and flood service provider, has launched advanced Tax Status Reports (TSR). These reports standardize the delinquent tax research format regardless of the variations between agencies. They can accelerate the determination of whether real estate tax payments have been made or are owed.
The reports supply the delinquent status of loans that are not in cycle and may have not been monitored for property taxes. Typically, an employee will conduct time-consuming research to identify a specific tax agency and parcel numbers for accurate tracking in order to eliminate costly delinquency and penalty fees. Now, the company’s reports standardize the format regardless of the agency.
“Existing delinquent tax research methods are limited and overly complicated, creating an environment where mistakes can easily occur and speed to payment is restricted,” John Walsh, CEO of LERETA, explained. “With unmatched service level agreements, LERETA has proven time and again that we have the best interest of our clients in mind when we develop such products. Our Tax Status Reports streamline processes and make it easier for lenders and investors to reach secure, qualified decisions. We are breaking new ground and advancing the industry to a new level of excellence with this new method of reporting. These reports allow LERETA to set a higher standard for delinquent tax research. We are proud to provide our customers with an advanced solution that will help them better manage the process.”
Reporting, labeling and collecting delinquent taxes is a complicated process. Having a standard format automatically eliminates manual errors, and allows for more accurate tracking of payments and fees. This new approach expands current tax status report combinations from four to 13 possible variations, creating a robust reporting system that is customizable to each customer’s needs and allows for a more thorough risk assessment. Lenders and investors can now better analyze risk and tax payment data, while reducing the time needed to make payment decisions.
“In our tax status reports, we provide a unified look and feel across the board, making it easier for lenders to digest the abundance of information provided in delinquent tax research,” Walsh said. “We want to create tools that will give the industry an opportunity to advance and grow as the market does. These reports will save time and eliminate mistakes, alleviating the burden on internal resources and improving the method and outcome of tax research.”
The LERETA advanced reporting system searches all loans in a portfolio for delinquent real estate taxes. Reports can be timed in accordance with the posting of payments by tax collecting agencies to ensure payments are made on time to minimize delinquency fees and penalties.