Wolters Kluwer’s new iLien ResiFixture™ gains traction in protecting interests for residential fixture collateral
May 03 2024 - 8:06AM
Business Wire
First-to-market, one-step process automates and
simplifies fixture-related filings
Wolters Kluwer Compliance Solutions’ introduction of iLien
ResiFixture™ is playing a critical step in helping lenders
safeguard their interests for loans associated with fixtures
physically attached to a residential property.
“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.”
Collateral such as solar panels, HVAC equipment, pools and spas,
and other items not easily removable from a property fall under the
category of assets protected under this newly launched
solution.
When it comes to securing fixture-related interests, lenders
face numerous obstacles to achieving the needed level of
protection. Challenges include problems building and maintaining a
comprehensive knowledge of varying requirements, the lack of easily
accessible, reliable property information, long turnarounds and
relatively frequent jurisdictional filing rejections. There are
often filing inaccuracies, and higher costs associated with
manually processing high volumes.
As a result, there is the potential loss of first position on
that 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.
Securing the additional layer of protection for fixture-related
collateral typically involves filing a UCC-1 (Uniform Commercial
Code Financing Statement) with both the state and county. These
filings can allow lenders to obtain priority over another entity
with an interest in the same property, while mitigating the risk of
debtor bankruptcy and loss of equipment. But they require an
additional level of property information and varying filing steps
at the state and county levels, posing a set of unique challenges
for lenders.
The iLien ResiFixture service alleviates these challenges,
leveraging automation to transform the filing process. Lenders need
only provide the essential UCC filing information, while the
platform’s logic handles the legal description search and required
UCC filing in the appropriate jurisdiction, with Wolters Kluwer
experts handling any remaining steps, including rejections.
Ultimately, this approach reduces costs, saves time, and mitigates
lender risk, all with full transparency.
Wolters Kluwer Compliance Solutions is a market leader and
trusted provider of risk management and regulatory compliance
solutions and services to U.S. banks, credit unions, insurers and
securities firms. The business sits within the Wolters Kluwer
Financial & Corporate Compliance (FCC) division and helps these
financial institutions efficiently manage risk and regulatory
compliance obligations, and gain the insights needed to focus on
better serving their customers and growing their business.
For more information about Wolters Kluwer, please visit:
www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in
information, software solutions and services for professionals in
healthcare; tax and accounting; financial and corporate compliance;
legal and regulatory; corporate performance and ESG. We help our
customers make critical decisions every day by providing expert
solutions that combine deep domain knowledge with technology and
services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 21,400
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on
LinkedIn, Facebook, YouTube and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20240503967039/en/
David Feider Associate Director, External Communications
Financial & Corporate Compliance Wolters Kluwer Office +1
612-246-9454 david.feider@wolterskluwer.com