In the complex modern world, lenders must focus on growing profitability, managing risk, staying compliant, passing audits and optimizing their costs. For lenders who file UCCs in-house, working directly with the Secretary of State, Lien Solutions’ web-based platform iLien is an alternative that enables you to deliver on business promises throughout the full lifecycle of a loan.
Manage for Perfection
UCC filers who search and file in-house, directly with the Secretary of State or at the county level, need to stay on top of changes in their lien portfolio to prevent financial losses from lapsed or unperfected liens. Lenders can have an average of 3-6% of unperfected liens in their portfolio without even knowing.
With iLien, you can monitor your lien portfolio to stay ahead of changes and auto-continue your liens.
Optimize Lien Process
In-house lenders typically have detailed processes for UCC searches and filings. However, scaling these processes to new branch offices or departments may pose a challenge. Manual parts of these processes can result in data entry errors and be very time-consuming.
Automating lien filings and searches with iLien can eliminate unnecessary steps and save hours of time.
Control Operational Costs
Profitability is a critical priority for modern day lenders. As a result, close attention is paid to operational costs. iLien helps lenders manage and control costs, adopt consistent, lean operational processes, reduce the time spent cutting checks for UCC filings, and optimize fee structure.
For lenders that file UCCs to secure loans, you likely face pressure to optimize your secured lending processes, to mitigate risk to your lien portfolio and to enhance your documentation and reporting capabilities. If you file UCCs in-house, these pressures only intensify. You need the right partner and technology to help you overcome common challenges to securing your assets.
Improve Compliance and Auditability
With iLien, you can evaluate and manage the risk of non-compliance and imperfections that can arise from lack of visibility into your lien portfolio. You will eliminate challenges with tracking details of your liens, and access to easy and comprehensive reports will make passing internal and external audits easy.
Stay Ahead of Lien Expiration
Real-time alerts generated through tracking pending expirations empower you to manage your liens proactively. You can also choose to automatically continue your liens before they expire. iLien gives lenders flexibility and choice in managing their liens.
Reduce Risk and Vulnerability
We have observed that, in some cases, lenders are not aware of the loans that become unperfected over time. While they may have substantial allowable loan loss allowance, our solutions can help lenders reduce bad debt expense, reduce credit provisions and reduce losses.
Partner with the Trusted Advisor
We work with hundreds of customers who used to file UCC filings directly with the Secretary of State or with their local jurisdiction, yet saw great ROI and tangible benefits from using our iLien tool. Some of our customers continue to work with the Secretaries of State to file UCCs, but track and manage their liens portfolio in iLien. By partnering with an industry leader like Lien Solutions, they have access to multi-jurisdictional expertise, whether through iLien or in-person.
Solutions for Regional and Community Banks
We provide the whole breadth of solutions, including UCC search, file, manage and reporting, specifically designed and built for regional and community banks. Many of our customers’ needs revolve around their county and state jurisdictions. Our goal is to provide the right-size solution to our regional and community bank customers, at the right price.
Deliver Process Efficiency and Consistency
Many of our customers are concerned about the turnover rates in their organizations and the constant need to train new loan operations employees. With iLien, our online solution, there is one tool and one process to follow. This creates unprecedented efficiency and continuity for loan operations departments. Now, our customers can easily onboard new employees and spend minimal time transferring knowledge. Teams now follow one consistent processes, saving both time and money to their organizations.
A large equipment financing company partnered with Wolters Kluwer’s Lien Solutions to automate their UCC filings, conduct all their searches and manage liens in their portfolio to ensure continuous perfection. The web-based technology solution allowed them to continue processing a large volume of liens without exponentially growing their department. Moreover, there were fewer costly mistakes due to the elimination of manual processes. Watch the interview to learn more.
The Most Complete, Up-to-Date View of Liens for Lenders of All Sizes
Filing Your UCCs In-House: More Risk Than Reward?
Webinar Replay: Managing Your Lien Portfolio for Maximum Efficiency
Protect Your Lien Portfolio
Regional Bank Finds Automated System Boosts Efficiency, Improves Accuracy and Reduces Risk
The Benefit for Lien Monitoring for In House Filers