How Mortgage Lenders can help their customers save money on property taxes
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If you are a Mortgage Lender in Florida, we have identified two things that your customers will really appreciate
1. Do a better job estimating their property tax bill on the home that they are buying so that you can accurately estimate their PITI total payment.
2. Do a better job setting up their escrow account so that they don't get a big payment adjustment the year after they close on their home.
Yes we know that is done by some department somewhere in your big bank or lender, but believe it or not it is now possible, so maybe you can tell the higher-ups and let us help them! And No, the Federal or State Regulations do not require that you set up their escrow account using the property tax bill from the prior year. Stop doing archaic things like putting a "Payment Shock Notice" in your closing packages. It's the 21st century, we can do better than that now.
How We Can Help Lenders
Step 1 - Use The Loan Payment Optimizer™
Get the most accurate loan payment estimates possible by factoring in the complexities of Florida's property tax laws
You can use this free product when you have your first conversation with a loan candidate. You know that they are probably shopping you with other lenders, so get a competitive edge by being smarter and giving them a better payment estimate and a chance at saving on their property taxes! If the loan candidate owned a prior home in Florida, the Loan Payment Optimizer™ will check how much Portability they have accrued that they can transfer and will show how that will affect their property tax payment. The Payment Optimizer™ will also show if their Portability is lower than it should be (a common result of bias against Homestead properties in Florida's county property appraiser valuation systems). You can share this information with them, look smart, and get the loan by helping your client save money!
Step 2 - Use SmartEscrow™ for Property Tax Escrow Setup
SmartEscrow™ give lenders a report that shows exactly how to set up the Property Tax escrow account so that no large payment adjustments will be necessary in the future.
To accomplish this, you have to know what the property tax bill will be for the year of the closing and the following year. Our proprietary property tax architecture can do that! So for the first time, there's no reason for big escrow payment adjustments or "Payment Shock Notices" at the closing table. Imagine - no more angry phone calls from borrowers the year after closing...
Smart Escrow™ reports are only $25 and can be integrated into your back-office operations seamlessly.
- No - It is not required by state or federal regulations that you set up the escrow using the last year's property tax bill! Read our legal memo on the subject.
- YES - we know that if the servicing of the loan is transferred after closing that the servicer could undo your Smart Escrow™ payment setup and we have a solution for this problem.
Step 3 - Get Valuable Leads by Advertising with Winston™
Winston™ not only calculates principal and interest, but accurately estimates Property Taxes and Insurance to give a complete payment overview
By far the best payment calculator available for for estimating Florida loans, Winston™ is quickly gaining users and is on its way to not only being Florida's most accurate but also Florida's most popular mortgage payment calculator.
Winston™ advertising is sold by zip code, and if a payment is run in your zip code then your ad appears next to the payment results and takes the customer to a landing page with more information about your services. Find out more about getting great leads for a great price by making a Winston™ zip code your "Turf".