a man filing UCCs in house
ComplianceFinance1월 05, 2021

Filing your UCCs in-house: More risk than reward?

When you file a UCC financing statement, you expect to be able to quickly and easily protect your assets over the lifecycle of the loan. There are factors that can complicate your abilities to do business — particularly if you're growing fast or lending in multiple states. 

Some of the problems you may encounter are: 

  • Inconsistent, differing filing processing that change continually and vary by jurisdiction
  • Growing volumes and speed of transactions, and the added pressure to keep up with nimble, non-banking competitors such as FinTech companies
  • Increased demand for process and optimization and document trackability in the event of an audit

Going at it alone may seem cost-effective when the volumes are low, but as you grow, so do your demands. You may encounter difficulties around these areas: 

  • Lack of process automation tools, which produces inefficiency and error 
  • Limited customer support, which means your internal experts are stretched thin 
  • Lack of a single point of access, which makes it hard to navigate different state requirements as you scale

Learn more about how the right partnership can help you save time, and increase volume and accuracy. 

Download our infographic to learn more. 

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