Transamerica Offers Early RE Tax Service
Transamerica Real Estate Tax Service has introduced a new "Early Procurement Service" to generate tax amounts at least three days before a sale or transfer of a pool of loans, the company announced.
For participating lenders, Transamerica Tax believes that providing tax bills no later than three days prior to the sale or transfer date will help ensure that all taxes are paid by the correct party accurately and on time.
"In a typical loan sale or transfer, a lender must track, procure and post-report tax amounts for the entire pool of loans, a difficult, time-consuming and costly process," said James Schoedinger, president of Transamerica Real Estate Information Services. "Transamerica Tax's EPS eliminates this hassle by segregating the transferred loans from a lender's portfolio to manage them separately."
The EPS service begins by branching the loans in a portfolio, separating out those not designated for sale.
It then conducts a pre-audit of the pool of loans a lender plans to sell or transfer, a process that updates and helps ensure consistency among the tax line data. Transamerica then ensures that all taxes for those loans have been reported for at least 30 days following the sale date, depending on the requirements set forth by the lender buying the loans.
Finally, EPS reports to the seller which property taxes, if any, remain unpaid and why.
Separately, Transamerica also has introduced a new service to obtain tax bills for all nonstandard items serviced by its lender customers.
The nonstandard tax bill procurement service (NST) is now available to Transamerica Tax customers that carry required data fields on their servicing system.
By outsourcing this task to Transamerica Tax, lenders can reduce the internal costs associated with obtaining nonstandard items, the company said.
As part of NST, Transamerica
Tax will acquire tax information, including collecting authority and amount due, for all items not covered by the standard tax service procurement process. This might include ground rents, lease rents, special assessments, fire districts, water and sewer fees, and homeowner association dues.
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