Experts with Wolters Kluwer’s Lien Solutions business will share insights, “Three Key Lessons for Auto Lenders from 2020,” at 1:30 EDT on Tuesday, October 20, Auto Finance Summit’s 2020 Virtual Experience, October 20-22.
As the COVID pandemic has unfolded, auto lenders have faced unprecedented challenges with properly perfecting titles to protect their vehicle collateral. Remote work, jurisdictional closures and subsequent backlogs, new jurisdictional forms and rules, an increase in repossessions, and new opportunities in refinancing have all impacted the way auto lenders perform vehicle titling.
Wolters Kluwer presenters Erin McCarty, Director of Product Management, and Marina Hardy, Marketing Associate Director, will discuss key learnings for auto lenders that will change their auto titling workflows going forward.
Among these learnings, COVID-impacted Department of Motor Vehicle delays persist. Session attendees will learn about managing titling delays, work-around options and automation for previously manual processes. Given that repossessions are on the rise, lenders must consider process optimization and scale their teams accordingly to ensure proper repo titling, evaluating jurisdictional footprint impacts, risk exposures, and addressing portfolio exceptions. Additionally, the session will look at the auto refinancing sector, which has seen healthy growth during COVID and could present opportunity for many lenders.
For more information on the Auto Finance Summit, please visit the event home page.
Lien Solutions, which is part of Wolters Kluwer’s Governance, Risk & Compliance division, provides award-winning solutions for lenders. Its flagship iLien offering gives lenders the ability to conduct public record searches, retrieve and view UCC and corporate records, create filings, and manage their entire lending portfolio. Its iLien Motor Vehicle offering is an award-winning SaaS platform that transforms vehicle and equipment titling work, helping lenders maintain loan perfection, monitor and manage vehicle liens efficiently, and release titles effortlessly.
Wolters Kluwer’s GRC division provides an array of expert solutions to help U.S financial institutions manage regulatory and risk obligations, including customized offerings to address COVID-19 challenges. Lien Solutions’ iLien for Main Street helps lenders optimize their due diligence and lien management efforts when securing loans for small and medium-sized businesses under the Main Street Lending Program. In addition, Compliance Solutions’ Paycheck Protection Program Supported by TSoftPlus™ helps lenders’ customers access critical stimulus funding.