When Is A Title Policy Unnecessary? Uninsured Title Products For Lenders
May 03, 2018
Due Diligence, Title Related Topics
Is an insured title product with a corresponding title policy always required for a lender’s purposes? Is it always required to pay that premium?
The answer is: it depends.
So when is an uninsured title product OK? When is a title policy unnecessary?
Lender title products usually come in three variables, depending on the lender’s risk considerations.
An “Update” product, which is just what it sounds like, an update…READ MORE
Registered Agent for Private Agreements
April 26, 2018
Corporate, Registered Agent
Many agreements, such as contract and loan agreements, require the appointment of a Registered Agent to receive Service of Process or a notice from one party to another, and to deliver the documents to the various parties as soon as possible. Service of Process under a loan agreement and other legal contracts are critical correspondence that should be handled by a professional Registered Agent to ensure the documents are expeditiously delivered…READ MORE
Lien Monitoring Only at the State? It’s Risky
April 19, 2018
UCC, Due Diligence, Reduce Financial Risk, Lien Monitoring
When evaluating lien monitoring programs, programs that are designed to monitor your Financing Statements for lien filings that can prime your perfected security interest, it is important to recognize that many states do not maintain records of Federal Tax Liens or Judgment Liens Attached to Real Property at the state-level filing office. Nevertheless, these liens have the potential to prime a perfected security interest.
That’s why,…READ MORE
Tips To End Billing Headaches With Your Service Company
April 12, 2018
UCC, Corporate, Tips
Ever have a partnership with a service company, one that is knowledgeable and able in their solutions, BUT there is still a problem? The service company’s billing system and accounting procedures are a big headache.
It gets tiring and frustrating to pay your invoices on time, remit the proper amount to the proper office, yet still end up getting hassled by your service company because they processed your payments incorrectly. You are…READ MORE
Equipment Finance and PMSI: A Unique Relationship
April 05, 2018
UCC, Online UCC System, Due Diligence
Equipment finance or leasing is a lending type that specializes in lending on specific collateral. Equipment finance companies can vary greatly and tend to specialize on specific industries and often tend to be manufacturers (farm equipment, medical and dental equipment, freight, industrial equipment, etc.).
One product that is unique to this industry is purchase money security interest packages, or PMSI. A PMSI filing will allow…READ MORE
Can A Terminated UCC Not Really Be Terminated?
March 29, 2018
UCC, Online UCC System, Due Diligence, Reduce Financial Risk
Can a terminated UCC not really be terminated? The Uniform Commercial Code says terminated UCC filings are no longer effective.
So how can a terminated UCC not really be terminated? There are two scenarios.
When the UCC record contains more than one secured party of record.
When there is more than one secured party for a single UCC, any of the secured parties can file a termination statement on behalf of all the secured parties.…READ MORE
Choose The Right API For UCC
March 22, 2018
UCC, Online UCC System, Product Update, Due Diligence, Reduce Financial Risk
Your growing UCC portfolio is a sign of your success. To support it, perhaps it’s time to consider upgrading your UCC Portfolio Manager by installing an API for UCC, an enhancement that consolidates your UCC management into one single system. Designed specifically to streamline and simplify your UCC processes and scale with your success, API for UCC gives you the power to manage your growing UCC portfolio efficiently while freeing you…READ MORE
Checklist: Choose The Right Title Search Company
March 15, 2018
Due Diligence, Reduce Financial Risk, Tips, Title Related Topics
When you need a title search, there is a checklist of vital questions to consider before choosing a title search company to fulfill your title search need. Title reporting is an intricate and detailed process. To accurately inform your decision making, experience and expert know-how are required to craft a comprehensive report worthy of your trust.
So what should you look for in a Title Search Company?
Reliability - Is the Title…READ MORE
FCS Releases Michigan and Tennessee Data to Online UCC & Lien State Search System
March 08, 2018
UCC, Services / System Update, Online UCC System, Product Update
First Corporate Solutions (FCS) is excited to announce the release of Michigan and Tennessee data to our online UCC search system. Effective immediately, active online users can search our reliable and current indices for Michigan and Tennessee data utilizing FCS’ state-of-the-art search engine designed to uncover name variations and potential hidden liens. Complementing this is our expert and experienced staff of dedicated account…READ MORE
Tips For Lien Searching: Who, What, Where
February 28, 2018
UCC, Online UCC System, Due Diligence, Reduce Financial Risk, Tips
Your due diligence calls for lien searches. Who should you target? What lien types should you search for? Where should you search for them? These are all fundamental questions whose answers help you better uncover your prospect’s financial situation and better evaluate their credit worthiness.
You know it’s important to search the public record, to uncover existing financial obligations and encumbrances, to learn and know a prospect’s…READ MORE