Black Knight and LERETA have partnered to enhance tax reporting services to Black Knight’s MSP servicing system customers.
The relationship aligns LERETA’s commitment to innovation with the processing power of the MSP system. The relationship will allow servicers on MSP to enjoy enhanced integration to improve data exchanges, a reduction in payment timeframes, the elimination of manual report entry errors, improved processing with unique functionality, greater accuracy, enhanced tax-specific processing and an improved customer experience.
“This alliance demonstrates our continuing commitment to driving innovation in property tax servicing,” said John Walsh, CEO of LERETA. “It also shows how the respective leaders in tax service and servicing systems can work together to improve this critical servicing function. Servicers using LERETA for tax on the MSP system will now have more automation and decrease in risk.”
The integration will allow loan servicers to onboard loans faster and removes the burden of creating manual tax reports and other antiquated manual processes, which dramatically improves reporting accuracy and responsiveness for the servicer, the tax provider and loan processing system. The system enhancements mean decreasing the risk of delays in paying taxes and reducing tax penalties, while offering better collaboration and improved customer service.
“Integrating LERETA’s tax service with Black Knight’s industry-leading MSP system demonstrates our ongoing commitment to continuously enhance our technologies with the highest-quality capabilities,” said Black Knight President Joe Nackashi. “This innovative tax service will further streamline the onboarding process for our clients, increase process transparency and provide a better customer experience.”
LERETA introduced one of the newest technologies to the tax service industry in 2016 with the launch of Total Tax Solution (TTS), the core processing system for LERETA’s outsourced tax clients and an ASP solution for standard tax reporting clients.
The new strategic relationship marries the power of MSP loan processing with LERETA’s comprehensive nationwide tax database to provide real-time visibility and transparency to tax service at the portfolio and loan level. This translates to more call center efficiencies and improved customer service.
“Customer service is always the biggest concern for servicers, and the launch of our Total Tax Solution has changed the way our customers can support their customers,” Walsh said. “TTS dramatically improves the transparency of tax service, which has helped reduce the number of real estate tax-related service calls by over 30 percent. The implementation of TTS has also resulted in industry-leading customer service call times; and 85 percent of tax-related calls are resolved on the first call, dramatically improving customer experience.”
The Black Knight MSP loan servicing system is a single, comprehensive platform used by financial institutions to service over 34 million active loans – more than any other in the mortgage industry. MSP is an end-to-end system that includes all aspects of servicing, including loan boarding, payment processing, escrow administration and default management. The system’s comprehensive functionality helps servicers increase efficiency, reduce operating costs and improve risk mitigation – all while supporting servicers’ regulatory requirements.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.