Friday, May 27, 2011

What is good about the Ohio ELT program

I had a call from a customer looking for assistance with an Ohio title. This particular customer was not yet participating in the Ohio ELT program, but just needed some help in getting a title from another lender for their customer who was moving to Michigan.

We chatted briefly about some of the good things with the Ohio program.

  • Electronic Notation: There are three states that offer electronic lien notation through the ELT program: Ohio, New York, and Wisconsin. New York and Wisconsin are owner-title-holding states, making electronic notation fairly simple, legally and logistically. Ohio offers the same type of service. This becomes an excellent tool to speed up title processing (*much* more convenient for owners) and helps reduce fraud.
  • Free Public Title History: Ohio allows anyone to check on the current status of a title. This becomes a great tool for lenders to verify that a title is current and owners to verify that a lien has been released. One nice side effect for the state is a reduction in calls to their helpdesk.
  • Electronic Release of Lien on Paper Title: Lenders can release liens electronically even for paper titles. This allows lenders to be more responsive when loans are paid off.

More information:

Image above is a little rock that "totally sorta looks like a map of Ohio" by Andy Woodruff. Ohio rocks!