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The Data & Analytics division of Black Knight Financial Services (BKFS) has announced Tax for Loan Estimation (TLE), a new solution that helps lenders and real estate professionals quickly and accurately estimate property taxes during the residential real estate loan application process. TLE provides an immediate tax estimate and features nationwide coverage. In addition, the solution supports lender compliance with property tax tolerance rules for good faith loan estimates under TRID.
TLE, which can be tailored to meet a user's specific needs and delivers most estimates in real time, also provides tax bill values for new construction homes, saving lenders time by eliminating the need to review complicated builder reports. The information provided by TLE includes property address, parcel number, current tax bill data, assessment data, escrow to collect at closing and estimated tax bill amounts.
"Black Knight is pleased to provide this tool to help our clients solve complex problems related to tax estimation," said Kevin Coop, president of the Black Knight Data & Analytics Division. "We understand that instant responses are valuable when making business decisions, and we also realize the challenges associated with estimating taxes on new construction homes. When developing the solution, we worked closely with clients to create a tax estimation product that delivers a positive user experience."
TLE results are provided through Black Knight's LoanSphere Exchange, a Web-based technology that enables lenders and service providers to do business electronically through a secure, standards-based platform. Later this year, clients will be able to access TLE directly through Black Knight's LoanSphere Empower, a comprehensive loan origination system that supports originations of first mortgages and home equity loans, and is used by lenders to manage retail, wholesale and consumer direct channels.