New Florida ELT Law Can Save You Money

If you are a lienholder in Florida, your liens will now be recorded through a progressive new program required by your state:  ELT. If your institution does not currently enjoy the benefits of this exciting new program, Decision Dynamics, Inc. has the right tools for you.

 

Founded in 1998, Decision Dynamics, Inc. (DDI) is a leading national software company offering a secure and reliable electronic title and lien software service. Using the latest technology, DDI offers personalized customer service and always has with the lender’s best interest in mind.

 

Although the Florida legislature now requires lienholder participation in an ELT program, signing up for ELT with DDI can save time and money.

 

“The ELT process can also help lienholders by reducing fraud with other outstanding liens and streamline workload,” Glenn Thames, president and CEO of DDI, says. “But, finding the right vendor is key. You want to find a vendor, like DDI, that charges only the transactions you process with the DMV.”

 

To learn more about DDI and ELT, visit etitlelien.com. DDI is happy to answer any questions as you discover the benefits of ELT.

Image from National Register Agents Inc.

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RE: DDI (DMV) Reference

From: Prospective Premier eTitleLien™ Customer
Sent: Thursday, May 10, 2012 10:04 AM
To: Current Premier eTitleLien™ Customer
Subject: DDI (DMV)

Hello Mr. [Adams],

I was given your name and e-mail information as a reference from DDI (Decision Dynamics, Inc. Can you give me some of your thoughts regarding their program. If you could let me know what you like and dislike about them that would be very helpful. We do only auto loan is California.

I look forward to hearing from you and appreciate any comments you may have.

Regards,

[Emily Baker]
[Community FCU]
[555-555-5555 x555]

---

From: Current Premier eTitleLien™ Customer
Sent: Thursday, May 10, 2012 1:30 PM
To: Prospective Premier eTitleLien™ Customer
Subject: RE: DDI (DMV) Reference
Importance: High

Hello [Emily],

We have been using Decision Dynamics, Inc., [DDI Technology] since Fall 2010, and they are WONDERFUL! They have been very helpful in the set-up phase, their software/documentation is easy to follow, they offer training webinars, and their ongoing support is proactive. For our California registration they coordinated with the DMV so that any potential "speed bumps" were minimized. We are currently live in the five states where most of our members reside.

Further, their pricing structure is per-transaction based and there are no hidden fees, nor minimum usage requirements. At various times I have spoken with Ann Gunning (their CIO), Angela Younginer, and Jessica Shand -- each contact has exemplified their commitment to excellent customer service. Your e-Titling needs will be in good hands with DDI.

Best wishes,
[Thomas]

[Thomas Adams]
[Director of Finance]
[Another Community FCU]

Image above is a letter from Henri Matisse to a friend in Venice from henri-matisse.net.

Continue reading RE: DDI (DMV) Reference

Louisiana: Who's paying for this?

Now that the ELT program is mandatory in Louisiana (as of January 1, 2010) all lenders are required to participate. There are fees related to participating, so how does a lender deal with this increased cost of filing liens?

Option 1: Increase the application fee

This is probably the least attractive option to most lenders. Lenders are often reluctant to increase their fees or are unable to do so for a variety of reasons. For lenders who work with dealers to process their paperwork, they may not receive a fee from their customer at all.

Option 2: Pass the fee to the customer

It may be possible in Louisiana to collect the fee for electronic liens and title processing from the customer. Normally, "convenience" fees cannot be collected directly from the customer, but because the ELT program is mandatory in LA, ELT fees could be considered as separate from the "convenience" fee designation. Contact your legal counsel and reference LA RS 6:969.18.

Option 3: Absorb the cost

Several of our current customers see the ELT fee as a part of their cost in managing and tracking titles. Our cost benefit calculator considers all costs related to managing titles and calculates based on the differences between a paper-title program and an ELT program. (Differences such as looking up title/owner and matching to current open loan applications, scanning and filing paper titles, and having to request duplicates for owners who lost the title you provided.)

Bottom line: Keep the cost of ELT low

The best bet for you and your customer is to keep your ELT costs to a minimum. Premier eTitleLien™ has no monthly minimums, no support costs, no start-up fees, and no support fees. We charge a single fee on a transaction-by-transaction basis. Contact us for more information.

Image: Jennefer Asperheim's Dice: "Who Pays"

Continue reading Louisiana: Who's paying for this?