Bank Systems & Technology (banktech.com)
TitleVest Launches UCCtracker™
New York-based TitleVest, a provider of title insurance, cooperative apartment lien searches, and related real estate services, has announced its BETA laundh of UCCtracker, a proprietary technology designed to protect lenders against fraud.
UCCtracker tracks the filing of UCC Financing Statements on the New York City Department of Finance's ACRIS recording database and alerts its users whenever a subsequent UCC is filed that affects the original, tracked UCC. Uniform Commercial Code (UCC) Financing Statements are security agreements used by lenders to place a lien on personal property. In New York City, the most common use is in connection with institutional lending on cooperative apartments. In such cases, the lender records a UCC-1 on ACRIS to evidence its security interest in the borrower's shares of stock in the cooperative corporation, which acts as collateral for the loan. UCCtracker is the latest addition to TitleVest's proprietary technology offerings. Other technologies include ACRISasap, ACRIStracker, and Closing Cost Calculator, among others. All technologies are designed to help streamline the real estate closing process. UCCtracker is available at no cost during the BETA period.