As Escrows Spike, Incenter’s New Bundled Products Help Struggling Borrowers Stave Off Defaults
May 15 2024 - 11:18AM
Business Wire
Offered Through Servicers and Lenders, Combined
Property Tax and Homeowners Insurance Reviews Cost Nothing and Can
Save Thousands
Incenter today announced solutions that empower mortgage
servicers and lenders to provide relief to borrowers struggling
with spiking escrows due to rising homeowners insurance costs and
property taxes. The combined offerings help them proactively
support borrowers who are having trouble making their monthly
payments, while protecting themselves from the high costs and
liabilities of non-performing loans.
Incenter’s solutions include property tax reviews and appeals
and homeowners insurance evaluations. They come at a challenging
time:
- Q1 2024 foreclosures are showing a small 3% increase from the
previous quarter, according to ATTOM, though down less than 1% year
over year.
- Again according to ATTOM, property taxes on single-family homes
across the U.S. increased by an average of 4% from 2022 to 2023,
with Northeast states seeing the highest average rates (e.g.,
$9,488 in N.J.).
- S&P Global Market Intelligence’s RateWatch application
showed an 11.3% year-over-year weighted average premium rate
increase for owner-occupied homeowners insurance from 2022 to 2023,
based on approved filings from each state’s 10 largest
underwriters.
- Over the past year or so, it has not been unusual for consumers
in some states to see a 40-plus percent rise in their homeowners
insurance premiums.
“These numbers, taken together, are potential indicators of more
headwinds ahead,” said Alison Tulio, President, Incenter Tax
Solutions. “The time for servicers and lenders to reduce their
exposure is now.”
Incenter Tax Solutions is a national firm whose mission is to
help property owners avoid overpaying taxes. The firm offers
complimentary property tax reviews to lenders’ and servicers’
customers. If they determine that there is reason to appeal a
current assessment, they will offer to manage the entire process
for a one-time contingency fee, and their success rate is close to
100%. The average amount Incenter Tax Solutions saves residential
property clients on their yearly tax bills is $4,600.
Incenter Insurance Solutions is a national insurance broker
licensed in all 50 states that has relationships with a variety of
insurance carriers. The firm offers complimentary reviews of
borrowers’ current coverage in hopes of identifying more affordable
policy options. Lenders can also embed the private-label Incenter
Connect™ solution into their sales platforms, which enables
borrowers to quickly search for policy alternatives on their own.
Separately, the company offers force-placed insurance for lenders
and servicers needing an alternative for their NPL (non-performing
loan) workflow.
More information about these Incenter companies is available at
incenterinsurance.com and incentertaxsolutions.com.
About Incenter Lender Services
Incenter Lender Services is a family of companies committed to
helping lending and depository institutions maximize their
financial and operational performance and leverage new pathways to
growth. Incenter’s offerings include capital markets, loan
diligence, student lending, insurance, property tax, accounting and
marketing solutions. More information is available at
incenterls.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240515940648/en/
Dawn Ringel, Incenter Marketing 617-285-0652 or
dawn.ringel@incenterls.com