Numerous factors, such as rising interest rates and unfavorable economic conditions, can cause less than favorable terms for lenders where they could see an increase in delinquencies. Market changes can happen quickly, so it’s imperative that lenders perfect their loans to ensure a healthy lending portfolio.
The myriad fees and requirements make the lien process cumbersome and increase 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.
Learn how one bank streamlined the process, tracked their fees and requirements, improved accuracy, and minimized interactions between the borrower and jurisdictions.