Rising interest rates are causing less than favorable terms for many vehicle loans. As an outcome of this, there is an increase in delinquencies. As some loans teeter on the edge of default, it’s imperative that lenders perfect their loans to ensure their position.
The myriad of fees and requirements straight made the lien process cumbersome and increased the likelihood of errors. Errors can place a bank at risk because any mistake in a lien could jeopardize asset recovery in the event a borrower encounters future financial difficulty. Complicating the matter, when vehicle titling includes more than one state, a frustrating array of different fees and document requirements is required. All of this complexity leads to challenges in perfecting vehicle loans.
Bottom line? Banks need ways to streamline the process, better track fees and requirements, improve accuracy and minimize interactions between the borrower and jurisdictions.
Enter Wolters Kluwer Lien Solutions.