Skip to main content

LPS Property Tax Solutions Unveils New Non-Escrow Tax Functionality

Oct 25, 2010

Lender Processing Services Inc. (LPS), a provider of integrated technology and services to the mortgage and real estate industries, has announced the release of Version 2.0 of the LPS Desktop Tax Management application. This release incorporates new non-escrow functionality that will enable servicers to electronically load and match non-escrowed tax search results, track delinquency letter cycles, pay delinquent taxes and build tax lines for escrow collection. Investors are increasingly concerned with ensuring that servicers are effectively managing their non-escrow portfolios to minimize losses and penalties related to delinquent taxes. In the past, these tasks not only involved a high level of manual work, but also required tax staff to access multiple systems to complete their non-escrow cycle processing. LPS Desktop Tax Management brings all of the non-escrowed tax tasks into a single system using customized business rules to automate a large portion of the processing. The system leverages integrations with LPS Desktop, tax vendor systems and the LPS MSP system to create a seamless flow of data between applications—resulting in higher efficiency, increased data accuracy, accelerated processing timelines and reduced risk of tax-related financial losses on the part of the lender/investor. All non-escrow loans in a portfolio can be compared against annual tax search results and flagged as "taxes paid," "taxes unpaid" or "no match found." Exceptions to business rules flow into work queues that enable follow-up where non-escrowed taxes remain unpaid or are otherwise in question. This up-to-date tax status information is critical for servicers and investors who want to protect their interests in the properties that secure their loans. "After our initial success with automating tax processing on escrowed loans with LPS Desktop Tax Management, we realized that by enabling servicers to use the same principles to automate the processing of non-escrowed taxes, lenders could achieve significant savings, reduce risk and attain a much broader understanding of the tax status on non-escrowed loans in their portfolios," said Ray Ferrarin, managing director of LPS Property Tax Solutions Inc. "We believe that by using LPS Desktop Tax Management, clients will increase efficiency when processing loans with delinquent taxes, which will help clients reduce tax-related losses and improve portfolio performance, both of which are critical to their future success." LPS Desktop Tax Management's flexible design supports insource, outsource, and hybrid tax servicing models, enabling servicers to create customized tax management solutions that best support their unique portfolio needs. For more information, visit www.lpsvcs.com.  
About the author
Published
Oct 25, 2010
More from
Tech
Protecting Homeowners From Cybercriminals

Criminals have become adept at using technology to take advantage of unsuspecting consumers

Apr 14, 2025
UWM Taps Google To Double Loan Output

The strategic partnership brings AI-driven automation and cloud technology to streamline the home loan process for brokers and borrowers

Apr 08, 2025
Your Entire Website Can Be Spoofed

Thieves simply replicate a website, but substitute their contact information for yours

Apr 02, 2025
A&D Mortgage Launches Exclusive AUS For Non-QM Loans

Addressing broker needs by simplifying the underwriting process for Non-QM loans

Mar 20, 2025
The Future May Be Better

Bridging tomorrow’s tech with today’s borrowers

Mar 20, 2025
Token Time: Angel AI Launches First AI Twin

Amid a packed crowd of investors in a Las Vegas nightclub, Angel AI officially launched its Angel Token and Angel AI Twin

Mar 18, 2025