LERETA, LLC, a provider of real estate tax and flood services for mortgage servicers, has completed the first milestone in its project to enhance tax reporting through an integration with Black Knight, Inc., a provider of integrated software, data and analytics to the mortgage and real estate industries.
Through the integration with Black Knight’s MSP, servicers can see a reduction in payment timeframes, the elimination of manual report entry errors and enhanced tax-specific processing. Additionally, loan servicers will benefit from quicker loan onboarding, while also offering better collaboration and improved customer service.
The first phase of this project allows LERETA and MSP customers the ability to create business rules related to escrow processes that will communicate seamlessly between LERETA’s and Black Knight’s systems. This enhanced communication simplifies an MSP client’s ability to onboard a tax portfolio with LERETA’s technology and implementation team.
“Creating this strong partnership with Black Knight and aligning our offerings with the company’s market-defining MSP servicing system demonstrates our continuing commitment to driving innovation in property tax servicing,” said John Walsh, CEO of LERETA. “It also shows how the respective leaders in tax service and servicing systems can work together to improve this critical servicing function. Servicers using LERETA for tax along with the MSP system will now have more automation and reduced risk.”
Black Knight and LERETA have kicked off phase two of these integration enhancements, which will enable agents to have more effective conversations with borrowers and increase first call resolution.
“Black Knight’s MSP clients understand that we are continuously enhancing our technologies with the highest-quality capabilities,” said Joe Nackashi, president, Black Knight. “Providing integrated access to LERETA’s tax services will further streamline the onboarding process for our clients, increase process transparency and provide a more cohesive customer experience overall.”
The Black Knight MSP loan servicing system is a single, comprehensive platform used by financial institutions to service over 36 million active loans – more than any other in the mortgage industry. MSP is an end-to-end system that includes all aspects of servicing, including loan boarding, payment processing, escrow administration and default management. The system’s comprehensive functionality helps servicers increase efficiency, reduce operating costs and improve risk mitigation – all while supporting servicers’ regulatory requirements.
LERETA introduced one of the newest technologies to the tax service industry in 2016 with the launch of Total Tax Solutions® (TTS), the core processing system for LERETA’s outsourced tax clients and an ASP solution for standard tax reporting clients. LERETA’s comprehensive nationwide tax database provides real-time visibility and transparency to tax service at both the portfolio and loan level. This translates to more call center efficiencies and improved customer service.
“Customer service is always the biggest concern for servicers, and the launch of TTS has changed the way our customers can support theirs,” Walsh said. “TTS dramatically improves the transparency of tax service which has helped reduce the number of real estate tax-related service calls by over 30 percent. Additionally, our average customer service call is now less than five minutes and 30 seconds and 85 percent of tax-related calls are resolved on the first call.”