Real Estate Tax Service

AFR offers our clients the highest level of accuracy and customer service in the real estate tax service industry.  For over 20 years our tax service solution has been utilized by a wide spectrum of real estate lenders from some of the country’s largest lenders to smaller community banks and credit unions.

Escrow Tax Reporting

AFR’s escrow tax reporting service guarantees property tax amounts from each taxing authority affecting the property and will be accurately reported in a timely manner before the first penalty date.  The service includes:

Securing tax collector and parcel information

Submitting and tracking tax bill requests

Making supplemental tax bill requests

Procuring tax bill information for all loans under contract

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Delinquency Reporting

For all loans the lender is not escrowing funds for property taxes, our Delinquent Monitoring Service will report the tax status of these loans annually. Tax searches are scheduled based on state and/or local tax sale laws and are designed to protect from tax sale losses.  The lender will be provided notification of any non-payment of property taxes or delinquent tax amounts levied or assessed against the property securing those loans that do not require escrow or impound arrangements for property taxes.

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Highlights:

  • Complete Parceling
  • Identification of ALL Tax Collecting Entities and Tax Amounts
  • Tax Sale Sensitive Monitoring Schedules
  • Property Tax Expense Forecasting Tools
  • Severity Code Based Prioritization and Management Tools
  • Flexible Ad Hoc and Standard Reporting
  • Access to Lenders Tax Service Data via the Internet
  • Complete Audit Support

Delinquent Notification Letters
For loans identified as delinquent during the Delinquent Monitoring process, a series of letters will be sent to the delinquent borrower requesting proof of payment.

Tax Payment
Tax amounts will be procured at established intervals, approval processes or guidelines will be developed and payments initiated to taxing entity on behalf of the client.

Redemption & Delinquent Tax Payment
At the conclusion of the delinquent notification letter process, loans with outstanding delinquencies are confirmed and the redemption amount is obtained. Payment of delinquent taxes will be made on behalf of the lender and confirmed by receipt from the tax office.

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Systems and Reporting

Lenders can board loans individually via the internet or by batch filing.  Lender will be provided, at no additional charge, system and reporting capabilities to facilitate the electronic transfer of information.  Lender and AFR will develop mutually agreed formats for baseline data display, output and reporting.

On-line access to tax service program and the lender's data will be provided via the internet.

Benefits

Our goal is to develop comprehensive solutions to help lenders remain competitive and profitable in today's market. Here are additional benefits you can expect from this service.

Reduced cycle times and assurance that all properties will be verified for delinquency

Assurance that all property taxes due are reported accurately and on-time

Elimination of, or reduction in, operational costs

Complete control throughout the tax process via internet access to data

Superior Customer Service

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