Fidelity National Information Services today unveiled a new online service that provides lenders with property tax data for loan closing and escrow account setup.
PropertyTaxDirect is designed to provide highly accurate automated tax data prior to loan closing, including the number of ‘escrow months-to-collect’ based on servicing requirements. The information then flows seamlessly into servicing, which reduces time and inefficiencies due to data re-entry errors, the company said in a press release.
It’s less efficient to collect tax data manually, the company said, and borrowers don’t like it when payment amounts must be changed because of errors.
PropertyTaxDirect provides the tax amount to collect at closing, tax line setup, address standardization, automated tax ID search, and tax agency identification.
PropertyTaxDirect is integrated with FIS’ Empower loan origination system and MSP, FIS’ leading servicing system. The application is also integrated within portals such as RealEC, is available to lenders in an XML format, and can be integrated with any stand-alone loan origination system. Brokers and originators can access the service through its direct production Web site at www.propertytaxdirect.com.
The application has already been adopted by several leading lenders and is being demonstrated at the Mortgage Bankers Association’s convention in Chicago this week.