Accumatch is announcing their launch of a one-of-a-kind database of Tax Lien Transfers in Texas., This unprecedented technology will help banks and mortgage servicers find the Tax Lien Transfers lurking in their loan portfolios. As of May 1st, 2014, Accumatch will notify their clients when a third party pays the delinquent property taxes of one of their borrowers in exchange for a superior tax lien on the property. Until now, mortgage servicers have been at great risk of losing their collateral to predatory tax loan companies. With a database covering 70% of the Tax Lien Transfers filed in Texas since 2005, Accumatch clients will now be protected from a practice that is illegal in most states.
Accumatch has launched a unique database designed to answer the question of “who?” when it comes to property tax payments. As a mortgage holder in Texas, when it comes to ensuring that your non-escrow borrowers are paying property taxes, “who” paid the taxes is just as important as the actual payment. As of May 1st, 2014, all Accumatch clients will have their portfolio matched against a database in order to discover liens and prevent mortgage holders from losing their first lien position.
“Two years ago many bankers did not fully understand what a Tax Lien Transfer was and how it put them at risk,” said Accumatch CEO Aaron Anderson, “But the problem has exploded in that short time, so today we talk to clients and prospects on a daily basis who ask the same question, ‘Have I lost my lien position to a Tax Lien Transfer?’” With Accumatch’s Tax Lien Transfer Database, Accumatch clients no longer need to worry about losing first lien position, as they’ll be notified when a Property Tax Lender pays the taxes.
In the past, mortgage holders may have been comfortable seeing a simple “paid” status on last year’s taxes. However, “who” paid the taxes has become a critical question, as Texas law permits borrowers to pay their real property tax with a high interest loan from an institution that may be rewarded with first lien position. While a lien notice is supposed to be sent to the existing mortgage company, the correct person is not always notified.
The new Tax Lien Transfer Database boasts 80% of the Tax Lien Transfers filed in Texas since 2005. It is intended to alleviate the headaches of the Banking and Mortgage industries induced by the 2005 inception of Tax Lien Transfers.
Accumatch’s ability to identify the “who” factor in regard to liens and the payment of property taxes is truly an innovation within the property tax service industry. Accumatch is proud to offer a superior service and provide mortgage holders with peace of mind.