Wisconsin borrowers’ preferred tax-payment option
We are making a change to how we manage the receipt of data for properties located in the State of Wisconsin. In order to comply with Wisconsin State Statute §138.052, we are requiring our Clients to populate the subdivision field on the new loan interface file with the borrower’s preferred tax-payment option for both new loan flow and bulk transfers.
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In Wisconsin, these tax-payment options are: · Option 1: Release total amount billed by the taxing agency (even if it causes an escrow advance) by December 20th and send directly to the homeowner. The check will be made payable to both the homeowner and the tax office. · Option 2: Taxes are paid directly to the tax office by year end. · Option 3: Taxes are paid by ELD: 01/31. · Option 4: Taxes are paid semi-annually in January and July. · Option 5: Taxes are paid semi-annually in December and July.
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The option chosen above must be entered in a 4–character format as shown: OPT1, OPT2, OPT3, OPT4 or OPT5.
If the option is not populated exactly as listed, we will input the default option of OPT3.
For Clients unable to pass us the option in the SUBD field, please send through: Client_WIOptions@Cenlar.com as an excel file with two columns representing the Cenlar Loan Number and the selected Wisconsin option.
If the weekly update is not provided to us, or is provided in a format other than above, we will input the default option of OPT3.
Please note: Borrowers maintain the right to submit a request to change their tax-payment option. However, per WI state law, an Escrow Agent is not required to honor the borrower’s chosen option if the loan is delinquent. All requests for changes to the tax-payment option must be submitted in writing by November 1st.
The borrower may submit a written request to:
Research Department, P.O. Box 77404, Ewing, NJ 08628 or fax 609-538-4005.