Lien Solutions Manager Suzanne Konstance Highlights the Benefits of a Strong Privilege Management Program
In the world of commercial lending, lenders face an array of complex legal and regulatory compliance requirements, where filing a lien properly requires the absolute perfection of every detail. If a lender files a lien on a loan containing a single borrower misspelling, inadvertent space, or misplaced comma, it could mean the difference of a significant sum of money when trying to collect these secured assets. So explain Wolters Kluwer Compliance Solutions‘ Susan Constancedescribing the intricacies of privilege management in a recent episode of global affairs with kathy ireland®.
Konstance, vice-president and leader of the Privilege Solutions Wolters Kluwer Compliance Solutions segment, notes that lien perfection today requires lenders to do their homework with precision on every lien filing and exercise continuous vigilance throughout the lifecycle of the loan.
“The lender needs to do a lot of research on each borrower and reflect those details in the lien file perfectly, from sharing basic borrower information like their home address, to capturing key details like size and the type of other loans the borrower may have in play,” Konstance says. “Once you have those records, you have to do everything perfectly when filing financing statements with the Secretary of State for a UCC lien. Even if you’re next to a misplaced gap or period, it may mean you won’t have the ability to recover those assets in the event of a default.
Konstance reminds viewers that there is additional complexity because Uniform Commercial Code (UCC) privileges do not cover all types of secured assets. “As a result, we offer a range of solutions, from our core iLien product, which a lender can use to file all of their UCC liens and perform all of their research on a debtor, to our iLien Motor Vehicle solution which helps lenders to manage motor vehicles. liens and titles, at iLienRED, a real estate solution where you can manage your mortgages, create your real estate liens, make assignments and all the things you need to do around real estate, easily, without error and with good quality.
The segment concludes with an overview of the benefits a lien management platform can bring to the table, where, she explains, “a lender can access all of their UCC information, including current and potential borrowers, in one place, allowing lenders to make accurate decisions on who to lend and how much to lend.It’s a great tool for lenders to maximize their lending potential and grow their business.
“The solutions Suzanne highlights in this episode help our lending clients manage portfolio risk, reinforcing Wolters Kluwer’s long-standing commitment to product innovation and leadership in UCC lien management and vehicle titling solutions for the lending industry,” said Steve MeirikExecutive Vice President and General Manager of Wolters Kluwer Compliance Solutions.
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Wolters Kluwer Compliance Solutions is a market leader and trusted provider of risk management and regulatory compliance solutions and services for insurers, banks and credit unions and securities firms in the United States. The company, part of Wolters Kluwer’s Governance, Risk & Compliance (GRC) division, helps these financial institutions effectively manage risk and regulatory compliance obligations, and gain the insights needed to focus on better service to their customers and the growth of their business.
Wolters Kluwer’s GRC division provides a range of expert solutions to help financial institutions manage regulatory obligations and risk. Wolters Kluwer Compliance Solutions iLink for privilege management, for example, enables lenders to manage and address risk across their entire UCC lien portfolio through analytics, visibility, and automation. Compliance Solutions’ eOriginal® of purpose-built digital loan offerings helps lenders digitize their transactions and offers e-signatures, collateral authentication and an e-vault. Wolters Kluwer Finance, risk and regulatory reporting (FRR), meanwhile, is a global market leader in providing integrated regulatory compliance and reporting solutions. The division’s legal solutions activities are Company Wolters Kluwer CT and Wolters Kluwer ELM Solutions.
About Wolters Kluwer Governance, Risk and Compliance
Governance, Risks and Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency and drive better business results. GRC offers a portfolio of expert technology services and solutions focused on Legal Entity Compliance, Legal Operations Management, Banking Product Compliance and Banking Regulatory Compliance.
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risk and compliance; and the legal and regulatory sectors. We help our customers make critical decisions every day by delivering expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer achieved annual sales of €4.8 billion in 2021. The group serves customers in over 180 countries, maintains operations in over 40 countries and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.