More than $14 billion in property taxes goes unpaid every year, according to research from the National Tax Lien Association. And those delinquencies can have a ripple effect across the mortgage industry, from anticipating mortgage delinquencies to affecting the portfolios of lenders and servicers. These hazards and risks can be mitigated, however, with the right data. For a detailed local property tax analysis, click here.
Find what you need to know
ATTOM Data Solutions has the robust tax data the mortgage industry needs to ensure that their portfolios are secure. Mortgage companies must keep on top of the relevant tax data on their properties to avoid unnecessary risk and additional costs. This data can help power the mortgage industry to healthy and secure real estate portfolios through the use of multi-sourced data and the right tools.
These powerful data tools can help uncover hidden property taxes and quickly pinpoint properties with delinquent taxes, helping servicers reduce the risk of property loss and decrease costs. In addition, mortgage companies can manage risk from real estate property tax delinquencies by performing their due diligence to determine tax payment status prior to loan sales and purchases. This will aid in identifying risk at earlier stages, which helps in mitigating and managing it effectively.
In addition to helping lenders and servicers manage their portfolio, robust tax data can also be beneficial throughout the progression of mortgage originations. Mortgage companies need quick and easy access to tax data as they begin the underwriting process, as they start to piece together the complete financial picture of the both the property and the resources the potential owner will need to acquire and maintain it. With access to the right data and analytical tools, mortgage companies can reduce friction in their loan qualifications and underwriting, leading to faster and smoother loan closings — and happier customers.
The data you need
But the mortgage industry needs more than just data; they need to be confident in its sourcing and analysis. ATTOM Data Solutions doesn’t depend on just one source for its tax, deed, mortgage, foreclosure and neighborhood data. Instead, ATTOM’s data is culled from a variety of national and regional vendors, as well as its own extensive network of local data sources. This ensures both the most accurate data, as well as fully realized and complete pictures of properties and neighborhoods.
This data covers more than 155 million properties in more than 3,000 counties across the US. This extensive array provides the full spectrum of specific property data, which then can be accessed and analyzed into specific and specialized reports at whatever level of geography needed.