More than $21 Billion of real estate property taxes become delinquent each year.
Reducing portfolio risk and successful CFPB and FDIC audits are top priorities. We help you achieve compliance while reducing the cost of gathering accurate tax information. Hundreds of lenders use INFO-PRO to achieve compliance and minimize cost and risk associated with the loss of real estate collateral due to inaccurate data and delinquent property taxes. On average, they save more than 80% in internal resource time required to gather this information.
Since 2010, more than 200 lenders have been fined almost $3 Million by the FDIC, OCC or FRB for non-compliance.
There are several flood related regulations that lenders must adhere to. While many institutions do their best to be in compliance, the truth is that they aren't 100% sure they will pass an audit and the associated fines are costly.
Know when property insurance lapses and be ready to address the associated risks
Lapses in property insurance create significant risk for lenders. Many banks allocate costly resources to monitoring insurance and when necessary, implement lender-placed policies to control the risk, but what happens when these properties aren't identified before foreclosure or worse yet an audit?
Get the information you need to comply with industry regulations and grow your business – all from our best-in-class web platform.
INFO-Exchange provides a single source for key tax information to service the entire portfolio. It contains custom reporting features that show delinquencies, escrow amounts and other useful information.