Accumatch has launched a one-of-a-kind database of tax lien transfers in Texas that will help banks and mortgage servicers find the tax lien transfers lurking in their loan portfolios.
As per a company press release, the unique database is 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. Now, all Accumatch clients can 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,’ says Aaron Anderson, CEO of Accumatch. ‘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?'’
Accumatch claims that with this new database, it customers in Texas will 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.      Â
The new database boasts 70% of the 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.
What does it mean when a property tax notice list Accmatch as paying the tax bill on that property? Please send answer to email address. Thank you