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Wolters Kluwer Helps Lenders Improve Motor Vehicle Closing and Title Perfection Process

Wolters Kluwer’s Lien Solutions has added a real-time tax and fee estimates functionality to its iLien Motor Vehicle platform. The solution helps lenders simplify the process of perfecting motor vehicle titles. For more than 40 years, Lien Solutions has helped lenders secure and protect their legal interests across the lifecycle of a loan. Nearly one in three Uniform Commercial Code (UCC) financing statements filed at the state level in the U.S. is processed through Lien Solutions, making it the market-leading UCC provider in the U.S.

Real-time estimates help reduce lender risk with faster title perfection by making it easier for the lender to provide tax and fee estimates to its borrower during the auto loan process. Determining the taxes and fees at different DMVs with varying requirements takes valuable employee time, is a drain on resources and, if not managed well, can impact the end borrower’s experience. In addition, real-time estimates:

  • Easily fit into existing lending processes with minimal data required;
  • Can be used at multiple loan process stages, such as application, pre-closing and closing; and
  • Provide complete access to accurate tax and fee requirements for every U.S. state and county.

“Lien Solutions is the leader in helping lenders manage and perfect liens amidst an ever-changing regulatory environment across multiple jurisdictions,” explained Raja Sengupta, Executive Vice President and General Manager of Lien Solutions. “By keeping our focus on the everyday needs of lenders, we ensure our solutions combine the latest technology advancements with our deep domain expertise. This helps our customers increase the speed and accuracy of one of the most vital aspects of lending.”

The iLien Motor Vehicle platform provides a comprehensive, best-in-class title processing and management solution that automates, streamlines, and connects workflows in order to  efficiently perfect and manage titles. For more information, visit Lien Solutions’ website.