Originating contracts is only the beginning. Now, you must start the process of perfecting liens, correcting titles and safely storing your records. This process is vital in protecting your interest in the collateral, yet is a lengthy and complex one. Why not leave it to the experts?
Understanding state requirements allows Loan Portfolio Servicing to complete all of these steps quickly and with precision. This will alleviate any headaches or roadblocks that you might run across completing this process in-house.
Title and Records Services also include:
Title Corrections, Transfers, and Repossessions
Loan Portfolio Servicing works with state and government agencies, dealers and/or customers to resolve any issues regarding the title. We also handle title transfers in the event that the customer moves, changes names, or wants to add a driver to the title (requirement is based by state). If required by the state, we submit a repo title application when a vehicle is repossessed so you may sell the collateral at auction.
Document Custodial Services
Loan Portfolio Services provides document custodial services for investors. Titles and Contracts are stored in a secured environment. Monthly title inventory reports are available for clients and investors.
• File paperwork with the Department of Motor Vehicles to place the lien when necessary.
• On conduit servicing business, we make sure you’re named as the lien holder. We also verify borrower and vehicle information.
• Once a loan is paid off, we send lien release documents to the payoff party within the state’s allotted timeframe.