Wolters Kluwer Compliance Solutions has introduced iLien ResiFixture™, marking a significant stride in assisting lenders in safeguarding their interests for loans linked to fixtures physically attached to residential properties.
“iLien ResiFixture provides residential lenders a simpler path to securing their fixture-related assets,” notes Vikram Savkar, Executive Vice President and General Manager, Wolters Kluwer Compliance Solutions. “Importantly, it represents the latest innovation by Wolters Kluwer in transforming the lending space through enhanced technology and automated processes.”
Assets such as solar panels, HVAC equipment, pools, spas, and other items firmly affixed to properties are among those protected under this newly launched solution.
The challenge of securing fixture-related interests often involves obstacles such as maintaining an up-to-date understanding of diverse requirements, accessing reliable property information, coping with lengthy processing times, and addressing jurisdictional filing rejections. Manual processing of high volumes can lead to filing inaccuracies and increased costs, potentially jeopardizing the lender’s first position on collateral.
“We are excited to be the first in the market to offer residential lenders this innovative, one-step filing solution that addresses these concerns,” says Savkar.
Typically, securing an additional layer of protection for fixture-related collateral necessitates filing a UCC-1 (Uniform Commercial Code Financing Statement) at both the state and county levels. While this can grant lenders priority over other entities with interests in the same property and mitigate risks such as debtor bankruptcy and equipment loss, it involves navigating varying filing procedures and property information requirements, posing distinct challenges for lenders.
The iLien ResiFixture service addresses these challenges by automating the filing process. Lenders only need to provide essential UCC filing information, while the platform’s logic manages legal description searches and UCC filings in the appropriate jurisdiction. Wolters Kluwer experts handle any remaining steps, including addressing rejections. This approach streamlines operations, reduces costs, saves time, and mitigates lender risk, all while ensuring transparency.
Wolters Kluwer Compliance Solutions, a trusted provider of risk management and regulatory compliance solutions and services to U.S. banks, credit unions, insurers, and securities firms, is committed to helping financial institutions efficiently manage risk and regulatory compliance obligations. Situated within the Wolters Kluwer Financial & Corporate Compliance (FCC) division, the business empowers financial institutions to focus on better serving their customers and growing their business.
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
