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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 16 September 2024 S P O N S O R E D C O N T E N T SIX WAYS TO MAKE PROPERTY TAXES EASIER FOR HOMEOWNERS B y D U S T I N M O O R E E scalating home values have driven up property taxes, leading to homeowner distress, making it more important than ever to help them understand and plan for these increases. Meanwhile, as inter- est rates start to come back down and refis rise, opportunities for recapturing borrowers will emerge for servicers who invest in tools and technology to improve their customers' experience. Luckily, boosting loyalty and satisfac- tion doesn't have to mean increasing your workload or expanding your team—if you have the right partner and tools. With the trust of all the nation's top 25 residential servicers and over 48 million loans under tax service, we've identified six strategies to help. 1. Delight Borrowers With Automated Text Messages A utomated text messages are an excellent way to provide instant updates on property tax payments and service statuses. Borrowers appreciate the convenience of staying informed without the need for constant back-and- forth calls. Mike McKinney from loanDepot LLC shares how this approach has worked for them: "We're thrilled to provide regular, proactive updates to our customers. This enhancement elimi- nates the need for borrowers to reach out with questions and keeps everyone on the same page in real time. It's been a fantastic improvement to our process." 2. Leverage Agency Relationships for Quality and Innovation P artnering with a vendor that has a large footprint can lead to strong relationships with agency collectors and access to cutting-edge technology. This helps prevent devastating errors in homeowners' tax payments and ensures you stay informed about important up- dates, such as changes to due dates and delinquent taxes. For example, CoreLogic performs multiple quality checks against the most current agency data before making payments. We continually invest in tech- nology to ensure we have the freshest data available. Also, because we handle more than 80% of the nation's residential escrow payments, we find collectors are eager to collaborate with us to develop robust data exchanges that minimize errors. 3. Provide Stellar Service With an Experienced, Scalable Call Center M any borrowers still like speaking to a knowledgeable representative. A scalable call center that can handle an influx of inquiries as your loan portfolio grows is essential. According to a recent JD Power study, borrowers say the phone is still the most likely customer service channel to drive a successful outcome, and 29% of borrow- ers still consider it the easiest (JD Power, 2024). Investing in an experienced call center ensures that borrower issues are resolved quickly and effectively, giving you a competitive edge. 4. Optimize Support With Intelligent Interactive Voice Response Systems C onsider implementing intelligent Interactive Voice Response (IVR) systems with client- and loan-specific data that customers would otherwise have to get from a live agent. These systems can handle common borrower questions related to property taxes, such as payment schedules or tax amounts due. Automating these routine inquiries allows your call center staff to focus on more complex issues, improving both efficiency and the quality of service. 5. Streamline Servicing Processes and Improve Escrow Shortage Handling With Better Technology O ne of the most effective ways to ensure property taxes are paid on D U S T I N M O O R E leads the product strategy and adoption lifecycle of CoreLogic's Residential Tax solutions, including the DigitalTax Portal, Payment Decisions, DigitalTax Connect, and the upcoming Loan Boarding Decisions. This includes managing the products from concept to launch, leveraging customer insights, and using data analytics to enhance offerings. Moore joined CoreLogic in 2018 as part of its acquisition of a la mode, a leading provider of residential appraisal software, where he served as COO for 12 years.