LERETA’s Total Tax Solution simplifies real estate tax servicing

Property taxes
at a municipal and county level haven’t seen much innovation during our
lifetime. How can such an analog process be integrated with the rapidly
evolving technology in areas such as originations, eClosings and cloud-based
platforms?

LERETA is
solving that challenge by leveraging new technology to manage complex,
difficult-to-mine data, and moving the real estate market forward in the
process.

“LERETA is
connecting technology to tax servicing that hasn’t been seen before. We are committed
to changing this paradigm,” said Jonnine Eras, first vice president, senior
operations manager at LERETA.

With over
23,000 agencies taxing real estate differently, the required management of
paying taxes correctly at closing and the timely payment of taxes for escrowed
loans is complex. LERETA’s investment in technology that connects servicing
systems to fast and accurate tax data has allowed the company to increase
accuracy and timeliness while improving the homeowner experience.

Three years
ago, LERETA released the first version of its Total Tax Solutions (TTS). TTS
provides extensive property tax tools and seamlessly integrates tax service and
loan servicing data into a single platform, which includes dashboards,
reporting, workflow management and built-in servicer guidelines for tax payment
processing activities.

TTS eliminates
the gap between tax service and loan servicing systems, resulting in decreased
costs, risks and borrower frustration. The platform allows loan servicers to
efficiently process a pre-cycle mini audit, automate tax payments, search open
items, view tax research, and review delinquencies and payments. All data is
fully integrated to prevent re-keying or guesswork, which reduces overall costs
and the risk of errors.

TTS gives
servicing clients complete visibility, at the loan level, to LERETA’s service.

“LERETA has
taken a very reactionary industry process of escrow disbursements and created a
transparent workflow to help customers proactively forecast and manage the
process for their borrowers,” said Jory Beech, senior tax operations manager.

LERETA’s tax
services are challenging the status quo of the industry and introducing an
interesting new take on how to define and measure what extraordinary tax
service looks like.

“Since the
release of LERETA’s Total Tax Solution, we have met 99.7% of all SLAs for all
customers, almost unheard of in our industry. This higher service level has
allowed us to significantly improve our responsiveness and accuracy to client
needs, ultimately improving the end experience for the homeowner,” said Jim
Micali, chief operating officer.

The industry
has seen a void of healthy competition and innovation, resulting in the same
pain points year after year, with servicers settling for the same solutions and
service for over a decade.

LERETA is committed to helping you improve your borrower’s experience by improving yours – taxes may be complex, but your process doesn’t have to be. LERETA is committed to helping you provide your clients with the best possible service.

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