AFR, Inc. offers our clients the highest level of accuracy and customer service in the real estate tax service industry.  For over 20 years our tax service solution has been utilized by a wide spectrum of real estate lenders from some of the countries largest lenders to smaller community banks and credit unions.

Following is a brief description of each component available for creating your tax service program.

1.  ESCROW TAX REPORTING

Escrow reporting service guarantees reporting property tax amounts from each taxing authority affecting the property to provide timely and accurate reporting of tax amounts due before the first penalty date.  The service includes:

• Securing tax collector and parcel information
• Submitting and tracking tax bill requests
• Making supplemental tax bill requests
• Procuring tax bill information for all loans under contract

Highlights:

• Complete Parceling
• Identification of ALL Tax Collecting Entities and Tax Amounts
• Flexible Ad Hoc and Standard Reporting
• Downloadable Management and Control Reports
• Access to Lenders Tax Service Data via the Internet
• Data Verification and Validation Mechanisms to Maintain Data Integrity
• Audit Requirement Support

2.  Delinquency Reporting

For all loans for which the lender is not escrowing funds for the payment of property taxes, Delinquent Monitoring Service is provided under which the tax status of such loans will be reported annually. Tax searches are scheduled based on state and/or local tax sale laws and are designed to protect from tax sale losses.  The lender will be provided notification of any non-payment of property taxes or delinquent tax amounts levied or assessed against the property securing such loans for those loans which do not require escrow or impound arrangements for property taxes.

 Highlights:

• Complete Parceling
• Identification of ALL Tax Collecting Entities and Tax Amounts
• Tax Sale Sensitive Monitoring Schedules
• Property Tax Expense Forecasting Tools
• Severity Code Based Prioritization and Management Tools
• Flexible Ad Hoc and Standard Reporting
• Access to Lenders Tax Service Data via the Internet
• Complete Audit Support
• 3-Year Back Search on Originations

3.  Delinquent Notification Letters

For loans identified as delinquent during the Delinquent Monitoring process, a series of letters will be sent to the delinquent borrower requesting proof of payment.

4.  Tax Payment

Tax amounts will be procured at established intervals, approval processes or guidelines will be developed and payments initiated to taxing entity on behalf of the client.

5.  Redemption & Delinquent Tax Payment

At the conclusion of the delinquent notification letter process, loans with outstanding delinquencies are confirmed as delinquent and the redemption amount is obtained. Payment of delinquent taxes will be made on behalf of the lender and confirmed by receipt from the tax office.

Systems and Reporting

Lenders can board loans individually via the Internet or by batch filing.  Lender will be provided, at no additional charge, system and reporting capabilities to facilitate the electronic transfer of information.  Lender and AFR will develop mutually agreed formats for baseline data display, output and reporting.

On-line access to tax service program and the lender's data will be provided via the Internet.

Benefits

Our goal is to develop comprehensive solutions to help lenders remain competitive and profitable in today's market. Here are additional benefits you can expect from this service.

• Reduced cycle times and assurance that all properties will be verified for delinquency
• Assurance that all property taxes due are reported accurately and on-time
• Elimination of, or reduction in, operational costs
• Complete control throughout the tax process via internet access to data
• Superior Customer Service