Tips For Improving Turn-Around Time for Lien Searches – Part 1UCC, Services / System Update
When performing lien searches as part of a pre-funding due diligence investigation, it is critical to have the results of your search in hand as soon as possible. Competition for deals is fierce and borrowers are looking for quick funding solutions. Slow turn-around time for lien searches can extend your funding cycle and can frustrate prospective clients. This week, First Corporate Solutions begins a four part blog series where we will discuss several tips for improving the turn-around time for your lien searches.
This Week’s Tip: Partner with an Online Service Provider for State-Level Lien Searches
Many variables can lengthen the processing time for a manual (offline) state search request. When working with an offline service provider, you are limited by that vendor’s hours of operation. If you place a search request with a vendor after their normal business hours, work will not commence on your search until they open for business the next day. Additionally, local filing office schedules, fluctuating work volumes at the filing offices and time zone differences can all work to slow down processing times for offline search requests.
One of the easiest and most effective ways to improve the turn-around time for your state-level searches is to self-search for liens using an online search system. Online search systems provide users with anytime, anywhere access to UCC and lien data. By partnering with an online service provider, you can perform state-level lien searches and receive immediate search results with copies, even after-hours.
As an added benefit, the fees for self-searching on a privately maintained online system are often much lower than those incurred for a comparable offline search.
A Cautionary Note About the Source of Data
If you are looking to make a move to an online solution, please keep in mind that an online search system is only as good as the data it contains. The most reliable and accurate online systems contain lien information that is purchased directly from the state filing offices, as these will closely match a state’s internal database.
Service companies can also purchase UCC and lien data from a Third Party Source. In these cases, a data collection company will obtain copies of UCC and lien records then transcribe and catalog the data in order to recreate a state’s internal database. This process opens the door for errors to be introduced into the data that can compromise the integrity of your final search result.
The First Corporate Solutions online search system offers the most accurate and up-to-date state-direct lien information available anywhere, complemented by a comprehensive library of clear, downloadable document images. Contact First Corporate Solutions today to schedule a free demonstration 800.406.1577| firstname.lastname@example.org