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ELT an Offer Indiana Bankers Can’t Refuse

June 1, 2022 Perspectives Todd Phillips

Todd Phillips

While the state of Indiana is not requiring bankers to participate in the Electronic Lien and Title (ELT) system during the first year, lienholders should know that this system for managing liens and titles offers such significant benefits that going to ELT is an efficiency gain.  

ELT is used to create, save and alter vehicle titles electronically. So rather than receiving a paper title from the Indiana Bureau of Motor Vehicles through the mail, have to scan, record and file it, lenders can exchange information electronically. This means lien perfections can be received quickly, and electronic titles, or e-titles, can be verified within a day. All of this trims days off title and lien processes and contributes to improved customer satisfaction thanks to faster turnarounds.  

How Else Can Banks Benefit From ELT? 

Cutting title and lien process cycle times by days is just one important benefit of ELT for banks and other lienholders.  It can also:  

Reduce costs. The efficiencies ELT brings lenders helps reduce all of the operating, paper, postage, mailing and printing costs associated with paper titles and liens. It also reduces the need for storage space for filing and storing paper titles. When there’s a reduction in filing, retrieving and mailing paper titles, there can be a corresponding drop in staff needed for such tasks. Staff can be reassigned to tasks that improve customer satisfaction and focused on revenue generating opportunities. 

Increased ease of processing dealer transactions. As Indiana also have Electronic Vehicle Registration for dealers, the submission of the lienholder’s ELT is part of their transaction, effectively placing the lien immediately on the vehicle.  Since the ELT code corresponds to the central location of the lender’s choosing, you are ensured the correct lienholder is placed each time, eliminating wrong address, incorrect spellings and the myriad of other issues which happen through indirect programs. 

Reduce fraud and virtually eliminate mistakes. Since 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 comes directly from the BMV: it reduces title fraud and counterfeiting. It also makes lost titles a thing of the past, as they are always available electronically. All of this adds up to happier customers and employees. 

Finding an IBA-Preferred Service Provider 

By now, you’ve likely decided your organization can benefit from ELT. To get the most out of ELT, many lenders should choose with a service provider. The Indiana Bankers Association has conveniently identified a preferred service provider, l DDI Technology, who can not only provide ELT services but also has many tools for you to manage your entire title portfolio, no matter in which states you operate or have customers. 

DDI Technology offers complete title management solutions for lender’s motor vehicle title portfolio. Its web-based platform enables a bank to receive notifications and electronic title copies directly from the BMV, while interacting with the bank’s existing loan system.  

DDI’s Premier eTitleLien® solution streamlines lenders’ title and lien release management, simplifying the title process by reducing fraud and errors. Premier eTitleLien allows lenders to eliminate paper title storage, and receive quicker confirmation of lien placement. This creates a more responsive customer support system. As eTitling becomes more robust, DDI will have all of the features you need including electronic filing of liens, electronic transferring of titles and more.  

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