Wolters Kluwer’s Lien Solutions has been named a winner of the prestigious 2020 American Business Awards, winning accolades for two solutions that help lenders more effectively manage their loan portfolios—iLien Manage and Portfolio Sync.
Today’s challenging environment, created by the COVID-19 pandemic, serves as a useful backdrop for understanding the value of product innovation and resulting industry recognitions, Lien Solutions executives say. Plummeting employment and other economic indicators pose significant credit loss impacts for lenders’ loan portfolios—including loan delinquencies, defaults and foreclosures. Consequently, lenders are rethinking the criteria and thresholds by which they determine when to file liens, and how to manage escalating risks. Sound portfolio risk management involves having a high level of visibility into one’s entire lien portfolio and, where necessary, making adjustments to past filings to further mitigate potential future losses.
iLien Manage is an “out-of-the-box” solution for lenders with a comprehensive set of do-it-yourself reporting and automation capabilities. It earned a Silver Award in the “Best FinTech Solution” category. The product’s scalable architecture allows lenders to handle large amounts of data, and its framework generates custom reports based on customer-specific requests. iLien Manage is unique in the industry in that it provides complete information and analytics on a lien portfolio while at the same time allowing customers to automate and streamline key activities to maintain the liens.
Portfolio Sync, meanwhile, is a first-of-its-kind solution designed for lenders who use multiple methods of submitting Uniform Commercial Code (UCC) filings. Those methods often include law firms, title companies, secretary of state offices, and third-party providers. But this fragmented approach makes it extremely difficult for lenders to maintain an accurate, holistic view of filings and analyze their overall loan portfolio health, much less take corrective actions if needed. The solution can be used with other Manage solutions so clients can maintain their total lien portfolio from one place. Portfolio Sync was a Bronze Award winner in the Financial Services category.
“During uncertain times like these, the ability to effectively monitor and manage a diverse lien portfolio that has been originated through multiple channels becomes all the more critical for today’s lender,” said Raja Sengupta, Executive Vice President and General Manager of Wolters Kluwer’s Lien Solutions. “Such capabilities help our customers mitigate loan losses and, as loss rates increase, better manage a volatile credit risk cycle. These awards are concrete validation of the value our technology innovations are bringing to lenders, helping compliantly and efficiently manage the many dynamic, moving parts of their lien portfolios.”
Sengupta added that Lien Solutions’ use of the latest technologies augment its market-leading domain expertise. “Innovative products such as those honored in this year’s Stevie Awards help lenders navigate a complex, challenging economic environment, ultimately helping to enhance their overall operations.”
Wolters Kluwer Lien Solutions, part of the company’s Governance, Risk & Compliance (GRC) division, is the leading technology and service provider of comprehensive lien management, debtor due diligence, monitoring, and risk management solutions to financial professionals. The iLien suite of products addresses solutions for asset-backed loans, real-estate, and vehicle title processing and management to help simplify complexity in lien lifecycle management, resulting in more confident lending decisions.
Wolters Kluwer Lien Solutions recently established a technology solution specifically designed to help U.S. lenders navigate Paycheck Protection Program loan applications, and associated compliance and risk mitigation requirements, resulting from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Business Entity Search for CARES Act solution conducts bulk/batch corporate identity searches to verify the business status of potential borrowers.
Wolters Kluwer’s GRC division is leveraging its product innovation and domain expertise in other ways to help the financial services industry respond to the COVID-19 pandemic. Its Compliance Solutions business offers Paycheck Protection Program Supported by TSoftPlus™, for example, to support stimulus loan applications and loan forgiveness processes under the U.S. CARES Act.