Tax Tracking

Tax Tracking Services: Enhanced escrow and non-escrow reporting.

Our online system provides the tools for loan servicers to be certain that there are no delinquent taxes in their portfolio and that the correct amount of tax is paid with each installment, at the right time, to the correct taxing entity. This important function permits you to manage the substantial risk associated with your loan portfolio.

We provide non-escrow delinquent tax search listings for each property 30-60 days after the economic loss date for each taxing jurisdiction. Where a property is taxed more than once a year per taxing agency, Arcana provides semi-annual delinquency search reporting. This reporting includes the status (current or delinquent) for each parcel whether there are delinquencies found or not. The tax status also includes the tax amount, and the amount paid or unpaid and, if unpaid, an amount due.

Arcana also provides full real estate tax escrow reporting, which includes procuring tax bills and notifying the servicer with new tax amounts, as well as updating the tax tables via a data transfer.

Whether escrow or non-escrow reporting, we provide the tools and customer support that allow you to be more efficient and focus on your core competency.

Escrow Services

Arcana’s tax program is a comprehensive, low cost way of keeping track of your mortgage loan’s tax records. We provide a full range of reporting that is customizable to the needs of your business that will allow you to be able to easily identify an exposed risk at a glance. We also scrub our data regularly looking for inconsistencies and update them if needed monthly. This will allow us to be able to identify any negative exposure quickly to avoid any loss.

Program Highlights :

  • Multiple customizable reports
  • When a new loan is received, we look back through 3 years of tax data looking for any payment issue
  • We handle all aspects of escrow and non-escrow tax tracking
  • Handle and process all tax mail
  • Process all tax refunds
  • Handle incoming tax phone calls
  • Research all parcels
  • We will monitor for any supplemental tax bills
  • Monthly scrub of all tax data to ensure accuracy
  • Minimal data is required at setup
  • We handle tax payment processing
  • Claim balance that can be charged in the event of a financial loss due to incorrect data
  • Dedicated toll free number will be established for borrower/tax agent calls

Fees

Fees include a one-time $5 boarding fee that includes a parcel search to validate property address and owner name, plus a $10 fee per parcel, per reporting event.

Our SmartTrak® tools provide innovative solutions for the changing needs of the title and mortgage banking industry. By standardizing the reporting process, we lower costs and liability, helping to streamline business operations.

Our experience with residential and commercial tax research, as well as a special focus in REO and distressed assets, assures the industry’s most comprehensive real estate tax search.