Fidelity has property tax solution.

Fidelity National Information Services, Inc., a leading provider of products, services and technology solutions to the financial and real estate industries, announced the release of PropertyTaxDirect TM, a secure online service that provides lending institutions with aggregated property tax data for loan closing and escrow account setup.

Drawing from multiple sources, PropertyTaxDirect instantly provides address standardization, automated tax ID search, tax agency identification, correct tax amounts to collect at close, tax line setup and more.

This enables lenders to deliver the most accurate tax payment cycle to their borrowers and to their servicing departments.

Noting this significant change to the traditional process for obtaining tax information, FIS Tax Services president Bill McCreary said, "Until now, tax data had to be obtained manually prior to closing, which often resulted in production inefficiencies and borrower dissatisfaction due to changed payment amounts. "PropertyTaxDirect delivers highly accurate automated tax data prior to loan closing, including the number of 'escrow months-to-collect' based on servicing requirements, so the borrower's property tax payment expectations are maintained.

"This information then flows seamlessly into servicing, which reduces time and inefficiencies due to data re-entry errors."

Currently integrated with FIS' Empower loan origination system and MSP, FIS' leading servicing system, PropertyTaxDirect is also integrated within portals such as RealEC, the leading provider of supply chain technology to the mortgage industry.

The application is also available to lenders in an XML format, and can integrate with any stand-alone loan origination system.

McCreary noted that the application has already been adopted by several leading lenders and is receiving a highly positive response.