Black Knight, Inc., a provider of integrated software, data, and analytics to the mortgage and real estate industries based in Jacksonville, Florida, has entered into a strategic relationship with LERETA, LLC, a national provider of real estate tax and flood services for mortgage servicers based in Covina, California, to enhance tax reporting services to Black Knight’s MSP servicing system customers.
The relationship will allow servicers on MSP to experience enhanced integration to improve data exchanges, a reduction in payment timeframes, the elimination of manual report entry errors, improved processing with unique functionality, greater accuracy, enhanced tax-specific processing, and an improved customer experience.
“This alliance 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 on the MSP system will now have more automation and decrease in risk.”
The integration will allow loan servicers to onboard loans faster and they will no longer need to create manual tax reports and other manual processes, which will improve reporting accuracy and responsiveness for the servicer, the tax provider, and loan processing system. The system enhancements mean decreasing the risk of delays in paying taxes and reducing tax penalties, while offering better collaboration and improved customer service.
“Integrating LERETA’s tax service with Black Knight’s industry-leading MSP system demonstrates our ongoing commitment to continuously enhance our technologies with the highest-quality capabilities,” said Joe Nackashi, Black Knight President. “This innovative tax service will further streamline the onboarding process for our clients, increase process transparency and provide a better customer experience.”
LERETA introduced Total Tax Solution (TTS), the core processing system for LERETA’s outsourced tax clients and an ASP solution for standard tax reporting clients, in 2016
“Customer service is always the biggest concern for servicers, and the launch of our Total Tax Solution has changed the way our customers can support their customers,” 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. The implementation of TTS has also resulted in industry-leading customer service call times; and 85 percent of tax-related calls are resolved on the first call, dramatically improving customer experience.”
The Black Knight MSP loan servicing system is a single, comprehensive platform used by financial institutions to service over 34 million active loans. MSP is an end-to-end system that includes all aspects of servicing, including loan boarding, payment processing, escrow administration, and default management.