Slow turn around for lien searches can be frustrating and cause problems for lenders who are competing for big deals. Now more than ever, borrowers are looking for quick funding solutions. Slow turn-around time for lien searches can extend your funding cycle and discourage prospective new clients. Earlier this month, First Corporate Solutions began a four-part blog series devoted to providing our readers with tips for improving the turn-around time for lien searches.
This Weeks Tip: Ask Your Vendor to Send Results as Completed
Depending on your standard prefunding search package, you may be waiting for search results from several different filing offices to complete your order. Asset-based lenders, for example, tend to order a prefunding search to include UCCs and other liens at the state level, liens and judgments at the county level, pending civil suits at the State Court of General Jurisdiction and the U.S. District Court, and bankruptcies. This type of search package involves searching the records at a minimum of five different filing offices.
When coordinating search efforts across many filing offices it is unlikely that all results will be completed at the same time. Generally, the state-level lien searches will be completed first followed by the county lien searches and then lastly the court searches. Many service companies hold your search results until the entire order is complete. This means, if you order the five-part search referenced above, the vendor will not send any results until they receive completed results for each of the five parts.
To expedite turn-around of your lien searches, ask your vendor to send the results of your order as they are completed, rather than holding them to send all together. Having the lien searches first will give you a chance to begin reviewing and interpreting those results while you wait for the rest of your order to be completed.
First Corporate Solutions is proud to offer some of the quickest turn around available anywhere and all of our customers work with a designated Account Manager who is always willing to send results as completed. Interested in learning more? Visit our website at www.ficoso.com or call or email today to schedule a free consultation. 800.406.1577 | firstname.lastname@example.org.