Technology has made nearly every aspect of the motor vehicle lending process more efficient. However, many lenders continue to be saddled with processing titles themselves, or worse, having their borrowers do it. This risk of carrying a substantial number of unperfected liens is ever-present and lenders are eager to find support.
Lien Solutions set out to find out more about this curious gap in the lending world.
A series of interviews with lenders indicated some key needs from their title services companies:
- Reduction of vendors, consolidating to those with cross-portfolio expertise
- Deep lien servicing experience in motor vehicle title management
- Streamline processes across a portfolio to gain a holistic view of liens and secured assets
To deliver in these areas, a title management partner needs to do several other things well. Learn more about what’s needed in a lender-friendly title management process by downloading our free white paper.