Eliminating Tax Payment Delays and Reducing Claims by 10x for a Large Commercial Mortgage Servicer.

Challenges.

The client faced challenges including

· Annual tax amount reported of approximately $1.4 billion

· Annual tax paid out of approximately $403 million

· Need to eliminate tax payment delays to avoid penalties and claims

Solution.

Coforge provided a comprehensive solution, including:

· Utilization of the internal proprietary product RETS® to track timely payment of taxes

· Establishment of an internal claim prevention team to review errors and expected claims

· Pre and post-production quality control of the results delivered to ensure accuracy and compliance

The Impact.

The impact of Coforge's solution is summarized as follows:

· Reduced claim rate to less than 0.5%, saving $500,000

· Achieved service levels for a client portfolio in one year

· Reported 99.1% parcels within SLA and exceeded SLA by 10 days on 85.08% of the portfolio

· Met turnaround time requirements 100% of the time, irrespective of the volume inflow

· Achieved a cost reduction of 55% while avoiding claims and meeting turnaround time