38 SEPTEMBER / OCTOBER 2021 PSP SHOWCASE Electronic Lien and Title Four reasons lenders need ELT Todd Phillips Director of Sales DDI Technology todd.phillips@dditechnology. com DDI Technology is a Preferred Service Provider of the Indiana Bankers Association. News flash: The electronic lien and title (ELT) system is coming to Indiana in 2022. The Indiana Bureau of Motor Vehicles will deliver voluntary electronic titling to lenders beginning Feb. 1, 2022. ELT use will then become mandatory to receive notification of lien placement later in 2022. Two border states already use ELT, so now is the time to begin enrolling in the program to get the benefits ELT brings to lenders. Here are the top four reasons Indiana lenders need to begin using ELT as soon as possible: 1: Shorter cycle times. ELT streamlines a lienholder’s time and effort managing liens and titles. Rather than exchanging lien and title information with the Indiana BMV through the mail, lenders can share information electronically. That means lien perfections can be received overnight, and electronic titles, or e-titles, can be verified within a day in most instances. This streamlining trims days off title and lien processes. It can also contribute to improved customer satisfaction, thanks to faster turnarounds. 2: ELT virtually eliminates errors. Because lenders are exchanging electronic data directly with the Indiana BMV, lien and title information is significantly more accurate. With no typos to root out and correct, lenders can save considerable time and rework. Your data will not only be more accurate, it will also be more secure compared to data sent through the postal system. Another advantage of information coming directly from the BMV is that it can reduce title fraud and counterfeiting. It also makes lost titles a thing of the past, as titles are always available electronically. All of this adds up to happier customers and employees. 3: Ease of doing business. By its very nature, ELT makes doing business easier. Title and lien release management is entirely electronic, which means lenders can eliminate inefficient paper titles and the extensive handling they require. The simpler, faster processes involved in ELT create greater efficiencies. © 2020 Decision Dynamics, LLC. All rights reserved.
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