System enhancement provides greater efficiency, accuracy to tax cycle management
COVINA, Calif. -- LERETA, the leading national real estate tax service and flood data provider, has released Escrow Open Item Manager, a workflow management application and dashboard that manages escrow tax payment cycles for the company’s tax outsource customers.
Escrow Open Item Manager alleviates the challenges found in other systems where payment cycles are managed by using open-item reports generated by mortgage servicing systems. Often, attempts to convert and upload these reports to spreadsheets or databases are time consuming, cumbersome and highly prone to errors. Errors in managing escrow payments often result in delinquent tax payments, borrower frustration and increased scrutiny from regulatory entities, such as the Consumer Financial Protection Bureau (CFPB) as well as the attorney general.
LERETA’s Escrow Open Item Manager provides a management dashboard that tracks the overall status of the tax cycle with workflow queues to aid in prioritizing and assigning work.
Susan Portnoy, LERETA’s outsourcing operations division head, said, “Our Escrow Open Item Manager works with a client’s servicing system open tax line reports and systemically uploads to the application without manual intervention, eliminating errors from manual input. The outsource escrow manager can customize additional queues based on each customer’s specific business and disbursement rules. This allows managers to separate tax lines with the same loan conditions, or similar business processing rules, into the same queue for increased efficiencies.
“With Escrow Open Item Manager, managers can have confidence in their team’s overall status,” she continued, “which helps expedite the work that requires special handling or specific business processes, further mitigating the risk of losing items that have not been addressed.”
Since 1986, LERETA has provided the mortgage and insurance industries the fastest, most accurate and complete access to property tax data and flood hazard status information across the U.S. LERETA is committed to giving customers extraordinary service and cost-effective property tax and flood solutions. LERETA’s services are designed to increase efficiency, reduce penalties and liabilities and improve processes for mortgage originators and servicers. LERETA’s dedicated teams of real estate tax and flood professionals along with LERETA’s experienced management team allow the company to lead the industry in service and technology. For more information, contact email@example.com or (855) 395-1726.