15
Oct
pencil

Client Bulletin: October 14, 2024

How to Reduce Property Tax-Related Loan Boarding Issues

Property tax contracting errors and delays on new loan flow can be costly for clients and reduce satisfaction for homeowners. Understanding and adhering to the following loan boarding standards can help you reduce property tax-related boarding issues and improve the homeowner experience.

  • What You Need to Do
    Unit Numbers. Enter unit numbers in the UnitNumber field of the XML interface, not the PropertyAddress field. Note: Exceeding the 20-position length limit in MSP will truncate the address.
  • Legal Description Imaging. The legal description is a required document that should be imaged in MetaSource within 10 days of loan boarding. Note: Imaging delays can result in tax penalties and/or incorrect parcels being tax contracted and paid.
  • Legal Description Indexing. The legal description should be indexed to the LEGAL DESCRIPTION doc type in MetaSource (Doc Code ASIDL104), not the DEED OF TRUST WITH LEGAL DESCRIPTION doc type.
  • Deed of Trust with Legal Description. The imaged Deed of Trust with Legal Description should only include the legal description for the mortgaged property. Note: Imaging unassociated legal descriptions, chains of title and/or Warranty Deeds may result in incorrect parcels being tax contracted and paid.
  • Multiple Parcel Properties. You must notify Cenlar of loans that have multiple tax parcels encumbered under the mortgage. Note: If you are boarding via XML or NLAI, you must populate the TaxException field with “MTP.” If you are boarding via DEXML, you must populate the DexProperty/PropertyTypeCode field with “501.”
  • Wisconsin Payment Options. To ensure loans are tax contracted according to the borrower’s elected tax payment option, you must populate the SUBD field of the XML with OPT1, OPT2, OPT3, OPT4 or OPT5, with no spaces or other characters. Note: The option interfaced will determine the payee/disbursement schedule set up on the loan.

 

Learn More
Please refer to the Property Tax Overview on CenAccess for a comprehensive guide to Cenlar’s Property Tax servicing practices and expectations, and to obtain alternatives to the above-mentioned loan boarding standards.

 

Thank You for Participating in Our Client Experience Survey
A heartfelt thank you to everyone who took time out over the last few weeks to participate in our annual client experience survey. Your opinion of how we’re doing is essential to guiding the service we provide to you and your homeowners.

 

We’re in the process of tabulating your responses now. Once we have results, we will be sure to share the findings with you.

We know there’s always opportunity to enhance how we serve you and your homeowners, and we’re grateful for your honest feedback as we work to do so. Thank you for your time and consideration, as we strive each and every day to be your trusted partner.

 

Indigenous People’s Day Info!

Cenlar is open for business to service our clients and homeowners on Monday, October 14, however, our Cash Operations Department will be closed in alignment with the Federal Reserve Bank. With the Fed as well as U.S. Post Office closures today, there will be no mail service nor inbound or outbound wires, ACH or check negotiations. These and all other cash operations functions will resume on Tuesday, October 15.

Additionally, servicing reporting will not be delivered on Monday.

Overnight extracts will not occur on Monday night/Tuesday morning.

Please reach out to your client manager with any questions.