As Escrows Spike, Incenter’s New Bundled Products Help Struggling Borrowers Stave Off Defaults

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240515940648/en/

Dawn Ringel, Incenter Marketing
617-285-0652 or [email protected]