NTS Provides Tax Administration for CRE Lender
National Tax Search, a nationwide provider of property tax management services, has reached a service agreement with Cohen Financial, a commercial real estate finance company.
NTS will provide property tax tracking, reporting and payment services for Cohen Financial's commercial mortgage loan servicing portfolio. This agreement covers existing loans within their servicing portfolio and anticipates the addition of new loans to their portfolio in years to come.
Steve Spayer, managing director of loan servicing for Cohen Financial, said in a news release that the process of tracking, capturing and paying tax bills to multiple taxing authorities; securing evidence of payment; and reporting payment data to investors had become too cumbersome due to the geographic diversity of the company's loan portfolio. Maintaining awareness of changes in tax laws from multiple jurisdictions is a significant burden on internal resources, he said.
"Outsourcing property tax management to National Tax Search will enable us to concentrate on our clients (investors and borrowers) and move staff members who were previously handling these time-consuming tasks to more strategic roles," he said.
The partnership with NTS will alleviate Cohen Financial from the burden of obtaining tax information on properties held as collateral in commercial loan transactions and making tax payments on those properties through escrow. The NTS property tax system, TaxQ, will automatically monitor different taxing schedules and multiple due dates, thus eliminating delinquent taxes and reducing errors that may lead to high penalties. It will even provide property valuation and tax appeal services if required.
In the release, Mr. Spayer said NTS was chosen for their advanced system capability and dedication to client service.
Lori Eshoo, president and CEO of National Tax Search, said the partnership is important to her firm because Cohen Financial is a well-known and well-respected commercial mortgage banker.
"The addition of Cohen Financial's loan servicing portfolio increases the number of loans and overall value of the NTS portfolio. We are confident that our expert analysts will help them streamline internal processes and save time and money."
NTS has provided property tax management services to mortgage companies, financial institutions, real estate owners and title companies since 1996.
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