After your UCC-1s and UCC-3s are filed, make sure you’re ready to maintain perfection over time. iLien equips you to keep track of what’s happening with your borrowers and with filings themselves – from name changes to loss of good standing to new liens being filed against your borrower, and to the termination of a lien.
iLien serves as the first step to protecting yourself against changes that impact perfection. It helps you make sure you know what has happened, is happening or will happen to the liens in your portfolio – by monitoring them.
A robust monitoring solution like iLien can help eliminate surprises by constantly checking the status of your UCCs and debtor and business entity names, and alerting you to changes that could compromise your position. In addition to natural loan life-cycle events – such as the need to renew a filing after five years – alerts can be triggered by debtor name changes, mergers, dissolutions, loss of good standing, administrative cancellations and more. By learning sooner about changes that affect your debtors, you can act faster to take action to protect your investments.
Business Entity Monitoring
iLien lets you see all the different names the commercial borrower you’re working with has used or is currently using, as well as name and status changes.
Debtor Name Monitoring
Keep track of an individual borrower’s activity across jurisdictions and variations on their name.
UCC Lien Monitoring
Have visibility of certain liens of significance or of a certain status. See every lien currently issued against your borrower, including any new UCCs or tax liens.
Change is the enemy of perfection
Many post-filing changes can put your lien portfolio at risk. A business or individual borrower name can change. A borrower can fall out of good standing. A borrower can move. Or they can re-pledge their collateral. iLien can keep track of it all, automatically.
Manual processes can be insufficient
Keeping track of hundreds or even thousands of liens is a daunting task. Companies that depend on legacy processes and rudimentary “tickler” systems are susceptible to lapses and oversights.
Automation delivers confidence and efficiency
Automation enables lenders to routinely assess the status of liens, making sure that next steps are identified. iLien’s secure, web-based platform works together seamlessly with your existing tech stack.
What is UCC lien portfolio management?
UCC lien portfolio management is the concept and practice that combines all activities that take place after a lien is filed. Many changes can impact the status of a lien – from debtor name changes to loss of good standing. What’s more, UCC liens are valid for only 5 years and must be continued at that point. So ongoing portfolio management is key to preserving your protections.
What sorts of things should I be monitoring that could impact my liens?
Name changes by a debtor, status changes like dissolutions or mergers, or UCC-1 and UCC-3 related filings. These represent activity that can impact perfection. In just one recent six-month period, Lien Solutions generated more than 380,000 monitoring alerts for our customers. Due to just name changes alone, approximately 1,300 liens had critical perfection issues.
What kinds of alerts can I receive, and how will I receive them?
You can choose from a set of automated alerts, including updates on debtor name changes and pending lien expirations, and you can set the frequency of alerts. Alerts are sent within the iLien system, and you can also elect to have them emailed to you.
How often does the Monitoring system search for changes in public record?
The system checks for changes daily in most states. Debtor Monitoring is available in all states and Business Entity Monitoring is available for all states except New Jersey.