iLien, a web-based loan automation tool from Wolters Kluwer, exemplifies how technology can improve loan origination and limit lending risk. iLien automates many of the traditional manual processes associated with loan creation, such as UCC filing, bankruptcy record searches, and more. Loans are created and managed accurately and expeditiously, significantly minimizing the chances that they will be rejected by investors or contested by borrowers.
iLien also helps protect against possible non-performing assets and loan defaults by employing a three-prong approach to loan monitoring and management:
Search: FIs can perform public records searches for any existing claims against prospective borrowers before making lending decisions. iLien is also backed by a team of experienced financial services experts who are on call and ready to provide detailed profiles of potential borrowers upon request. With iLien, protection begins before any agreements are signed.
File: It’s estimated that up to 10% of any FI’s portfolio might be comprised of inaccurate liens. iLien’s portfolio optimization features automatically identify and remove duplicate UCC filings, check to make sure all entity information is correct, and more, ensuring that every lien is completely accurate before it’s filed.
Manage: Careful management can keep liens themselves from becoming non-performing assets. iLien automatically detects factors that could adversely affect the loan, such as an individual’s name change, a loan expiration date, or other circumstances. It also monitors borrower status and activities, so FIs can detect patterns that could indicate a potential default, such as a loss of good standing.
iLien is complemented by the eOriginal® eAsset Management platform, which digitizes the creation, storage, and assignation of electronic loans (eLoans). eLoans are stored in an eVault that provides security and digital certainty for every eLoan it contains, ensuring that eLoans are authentic, negotiable, transferable, and compliant with federal regulations. eVault offers essential protection, especially for instances where a loan might be called into question.