Lenders: Protect Your Lien Position with Notifications by RecordsOnline

Jul 13, 2023

Maximize Your Lending Efficiency with RecordsOnline’s Proactive Notification System!

Lenders know how critical it is to conduct thorough research on borrowers and properties to safeguard their interests. Whether it’s financing property acquisitions, funding improvement projects, or leveraging equity, comprehensive research is key. While title insurance policies are commonly relied upon, there are instances where time and cost constraints make them impractical. In such situations, lenders turn to title searches to assess loan eligibility and evaluate property and borrower status.

After scouring county records for property descriptions and owner names, lenders can get a snapshot of the borrower and property status as of the search completion date. Armed with this initial research and loan application information, lenders delve into the loan underwriting process. However, this process can become time-consuming, particularly for complex commercial transactions that span several months.

This poses a significant challenge for lenders. While you work with the information obtained from the preliminary search, you lack visibility into any subsequent documents filed during the loan processing and underwriting stages. Protecting your lien position is of utmost importance, and lenders must have a comprehensive view of existing liens at various crucial stages, including loan approval, closing, and funding. Without RecordsOnline’s innovative Notification system, lenders would be forced to repeat the entire title search process before closing and funding to ensure your lien position remains secure.

Introducing RecordsOnline – Revolutionizing the Lending Process!

RecordsOnline’s cutting-edge Notification system is here to simplify life for lenders! With our advanced system, the initial search parameters used during the loan application are saved and continuously monitored. As loan officers work on the file, any new document that impacts the borrowers or the property triggers proactive and automatic notifications for the lender. This empowers lenders to stay informed about any changes that could affect loan approval, enabling them to make accurate and timely decisions. With this newfound efficiency, lenders can swiftly move forward with other files ready for funding, streamlining your workflow and enhancing productivity.

We’re Here for You After the Close as well!

But that’s not all – RecordsOnline’s automatic monitoring capabilities are a game-changer for after-closing issues that may affect lenders’ notes. For instance, if borrowers sell a property without repaying their loan, or if they obtain a new loan in another county, the bank is automatically notified when the instruments are filed. This enables the bank to take necessary actions as per the terms of your note. You control the parameters, and our ongoing, proactive, and automatic monitoring and notification system eliminates the need for manual searches, ensuring loan terms are consistently met.

Case Studies: The Power of Proactive Notifications

Imagine a scenario where a couple applies for a home equity loan from their local bank for a recently purchased property. The lender initially conducts a search on the borrowers’ names and property description, finding no obstacles to proceeding with processing the loan. However, shortly after the loan officer begins processing, a Federal Tax Lien is filed against the borrowers and their homestead. This significantly impacts the borrowers’ ability to secure the home equity loan, reducing their equity and repayment capacity.

Without RecordsOnline’s Notification system, the lender would remain oblivious to this filing, continuing to invest time and effort into the file. Only during a manual secondary search, conducted shortly before closing, would you stumble upon the Federal Tax Lien filed weeks earlier. This would force you to delay the closing or even cancel the loan, leading to frustration for all parties involved.

Commercial lenders may run into similar situations where a lien is attached to a property or business after the loan process begins. How helpful would it be to know about that when it happens instead of a few weeks or months down the road?

Nobody Does it Better than RecordsOnline!

RecordsOnline’s Search-Monitor-Notification System is patent-protected, providing you with peace of mind. No other system combines initial search parameters with continuous monitoring of the same database for updated recorded title documents. Our state-of-the-art system, protected by United States Patent No. US11023450 B2 (issued on June 1, 2021), is poised to revolutionize your lending process.

Unleash the full potential of RecordsOnline’s Notification system and discover a more efficient way to protect your lien position. Streamline your operations, save valuable time, and make informed decisions throughout the loan lifecycle. Try RecordsOnline today and unlock a world of possibilities for your lending business. Stay ahead of the curve with our game-changing technology!

Discover the Possibilities with RecordsOnline – Inquire Now!

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