The accurate research and set up of all loans placed under SLK’s Real Estate Tax Service (RETS) is the highest priority. For all new loans submitted by Client, SLK shall research the legal description provided by Client to identify the accurate tax parcels and taxing jurisdictions associated to each loan. Upon completion, SLK shall provide to Client a Collateral Report detailing: Loan Name, Loan Number, Parcel Number, SITUS Address, and the matching Tax jurisdiction(s).
For all parcels under service prior to their respective installment statutory due date, SLK shall perform a tax payment verification in order to identify taxes were paid on time. On average, SLK reports the tax status to Client between 30 to 60 days after each tax installment statutory due date. If taxes are paid, SLK reports the original base tax, the amount paid, and the statutory due date. If taxes are unpaid or if partial payment has been made, SLK reports the original base tax, the partial payment amount, the accrued penalty and interest, and the total amount due with a good through payment date. All delinquent taxes identified are automatically revalidated at the subsequent tax installment and reported to Client with updated delinquent payment amounts. This revalidation continues until the delinquency is cured.
After a delinquent tax installment is located, Client may request SLK to provide Delinquent Letter and Follow-Up Service (DLS) for each loan under service. SLK shall work closely with Client to create a letter template to be used for Client’s portfolio. Client shall select the number of mailing events and time lapse between each mailing event. In addition, Client may (1) select specific loans to be grouped together to receive letters directly; and/or (2) other loans to have letters sent directly to Client for review and determination if a letter should be sent to the borrower. This process permits Client to review any high profile, high credit rating loans found with delinquent taxes, before addressing the borrower.
For “high risk” loans and/or an REO portfolio, SLK shall perform a more frequent, revalidation of delinquent taxes. Once delinquent taxes are reported, Client may select a subset of the delinquent records and request additional monthly revalidation of any delinquent records until cured.
SLK shall perform a date down service for all parcels associated to a specific loan, identifying all property related tax delinquencies. The date down report includes: Loan Name, Property Address, Tax Jurisdiction (with contact details), Delinquent Installment Year, Base Tax, Penalty, Interest, and Good Through Payment Date.
The SLK Real Estate Tax Services (RETS) web portal shall be available to Client to review any tax information maintained by SLK on your loan portfolio. Client can review individual loan/parcel tax payment status, print reports, perform record maintenance, and communicate with our Customer Service Department. The web portal is designed with cutting edge technology fostering speed, accuracy, and flexibility to meet the changing needs of the mortgage servicing industry.
SLK shall obtain and report all current tax statements for any active escrow loan under tax service, no later than 10 days prior to the Economic Loss Date (ELD)*. Tax reporting is generally completed within 21-30 days prior to the ELD. SLK works with our clients to the implement a delivery method to ensure Client efficiently receives critical reports.
*Economic Loss Date (ELD) is defined as the last day a tax payment must be received by a tax authority before a loss occurs.
For any loan under service, SLK shall process approved tax payments to the correct tax authority. SLK can utilize a Client owned account or funds can be wired to an SLK account and for disbursement to the corresponding tax authority. Tax Payment Processing (TPP) provides peace of mind, removing the liability of an incorrect payment. SLK assumes the responsibility to research and resolve any misreported payments and all refunds received from payments made through SLK shall be returned to the client within 5-10 business days.
RETS is an innovative technology platform for Real Estate Tax Servicing allowing customizable solutions and fee structures based on lending and portfolio attributes. Backed by a team with 100+ years of real estate tax industry experience, we service both commercial and residential portfolios.
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