OCCC Report Indicates Majority of Tax Loans are Paid Off by Property Owners
The banking industry has repeatedly suggested the percent of tax loans paid off by mortgagees is between 40% and 70%, while the Tax Lien Transfer (TLT) industry has asserted the percent is much lower. To resolve this debate, the Office of Consumer Credit Commissioner (OCCC) collected information regarding payoffs in the TLT annual reports to the OCCC. The OCCC’s data now resolves the debate. Over half of all transfers are paid off by property owners and only 13.5% of the transfers are paid off by pre-existing lien holders.