By Kelly Hebert, FVP, Strategy, Marketing & Communications
Tax service vendors play a critical role in ensuring that property taxes are paid accurately and on time. A solid tax vendor partnership can prevent costly penalties, streamline operations and enhance overall borrower satisfaction. But what distinguishes an outstanding tax vendor partner from an average one? In this blog we explore the essential attributes: clear and proactive communication, a partnership-oriented mindset, ease of implementation, advanced technology and swift issue resolution.
Clear and Proactive Communication
Effective communication is the backbone of any successful vendor partnership, especially in tax services where timing and accuracy are critical. The right tax vendor proactively shares updates, provides detailed information about tax deadlines and changes in local tax laws, and informs you immediately about any issues that could impact timelines or compliance. Beyond specific or one-off issues that may arise, timely communication on “business as usual” items is critical to efficient operations. For instance, full transparency with tracking of payment disbursement status and mailing will translate to few customer calls.
A True Partnership Mindset
A strong partnership also means flexibility. The tax landscape is complex and always changing. When your vendor is committed to partnering with you, they are more likely to adapt quickly to changes in tax jurisdictions, payment procedures, regulatory requirements and other specific business requirement, ensuring continued compliance and success. They’re also more inclined to go the extra mile. For instance, LERETA reviews loan closing documents to ensure accurate payment of taxes after close.
Ease of Implementation
In many cases, vendors offer pilot programs or phased rollouts, which can be particularly helpful for identifying potential integration challenges before full implementation. A streamlined implementation process minimizes downtime, reduces training requirements for your team and accelerates your time-to-value. For mortgage servicers, a tax vendor that prioritizes ease of implementation makes it easier to maintain business continuity and reduces the impact on borrowers.
Advanced Technology for Efficiency and Accuracy
A high-quality vendor will use scalable platforms that easily integrate with existing systems, minimizing the need for duplicate data entry and ensuring a seamless flow of information. For mortgage companies, this level of technological sophistication translates to increased efficiency, fewer errors and a better experience for borrowers. For instance, at LERETA, we can add customized, embedded business rules and proactive workflow that enhance accuracy, transparency, and accountability.
Quick and Effective Issue Resolution
When it comes to property taxes and dealing with the more than 24,000 taxing agencies across the country, even the best systems may encounter occasional issues. The difference between an average and a great tax vendor lies in how swiftly and efficiently they resolve those issues. An ideal tax vendor has a dedicated support team, clear escalation procedures and SLAs (service-level agreements) that prioritize timely resolution.
The best vendors provide specialized support and detailed resources, empowering your team to address minor issues independently when possible. They understand that when issues do arise, time is of the essence. For example, LERETA’s call centers have a first-call resolution rate of 85%, meaning our agents are able to solve borrowers’ problems during the first call, even if that means taking more time on the call to resolve the issue. Other vendors may be more concerned with call time which ultimately leads to borrowers having to call several times to get their issues resolved.
The Bottom Line
Selecting the right tax vendor partner is essential to achieving your operational, compliance and borrower satisfaction goals. With a commitment to clear communication, a true partnership approach, ease of implementation, cutting-edge technology and quick issue resolution, LERETA is proud to embody the qualities of an ideal tax vendor partner—we like to call it The LERETA Way.
We’re here to support your success, offering a collaborative and future-focused partnership that drives operational excellence in the complex world of mortgage tax services.
