Moving locations or changing your financial institution’s name generates a long list of tasks to accomplish. But few have higher stakes than updating the liens in your portfolio to reflect your new information. There are real risks to not updating your portfolio and you may not have the staff resources available to tackle such a big project.
Change is constant
Change is constant, and there is risk if you do not update your lien portfolio when there are name and address changes due to a merger or acquisition. Changing an entire portfolio can be an overwhelming task when there are hundreds to thousands of active liens. Failing to make those updates promptly invites increased risk.
Protect your assets
If the secured party names on liens are not updated with the new/correct name and/or address, a lien may lose priority — and in the case of bankruptcy, notices to the secured party may not be received — so you may lose your fair share of the collateral.
Don't go it alone
We offer financial institution change services to help you quickly and efficiently update the secured party names and addresses on liens. Work with our Professional Services team so you can benefit from these industry-leading professionals. We have automated tools and expert knowledge to support lenders dealing with bulk UCCs.
Download our brochure to learn more. Or give us a call at 800-533-5778 and choose option 3 to speak with a specialist.