Showing posts with label Virginia. Show all posts
Showing posts with label Virginia. Show all posts
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DDI partners with Virginia Bankers Association Management Services

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Decision Dynamics Inc. is pleased to announce a new partnership with Virginia Bankers Association Management Services Inc. Read the full press release here.

DDI provides complete Electronic Lien and Title (ELT) solutions for Virginia banks through Premier eTitleLien®, a user-friendly, secure web-based software service which ensures VA banks are compliant with recently announced Virginia DMV (VA DMV) requirements. DDI appreciates the new partnership and expects an excellent collaboration with VA banks.

As of October 1, 2015, the Virginia DMV requires all financial institutions that process 50 or more titles in a year to enroll in the ELT program, in order for lenders to have the capability to exchange lien and title information with the DMV.

Image above is Virginia License Plate Map Art by Design Turnpike.
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Virginia Requiring ELT Participation by October 2015

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According the Virginia Electronic Lien Mandate published by the Virginia DMV, "all banking and financial institutions that record 50 or more auto liens per year will be required to electronically transmit lien information to the VA DMV through an approved service provider." As a result of the mandate, ELT participation will be required beginning October 1, 2015 for those institutions.

DDI's Premier eTitleLien® system is the perfect solution to allow lenders to receive and release vehicle titles electronically with an easy-to-use, secure, web-based application, including many features that are unique to DDI and part of our commitment to provide a Premier customer experience.

Through ELT, VA lienholders will have the benefit of saying time, cutting costs, reducing paper, enhancing security and deterring fraud. DDI's ELT service greatly enhances daily vehicle title processing. There are no costs to enroll in the Virginia ELT program.

DDI participates in the ELT programs offered nationwide, including: AZ, CA, FL, GA, HI, IA, ID, LA, MA, MD, NC, NE, NY, OH, PA, SC, SD, TX, VA, WA, and WI.

For more information on Premier eTitleLien® or participating in the Virginia ELT program, please visit http://www.etitlelien.com or click here to enroll in VA ELT!

Image above is from Virginia Car Properties, a company specializing in "real estate or businesses with a strong automotive use component."

Continue reading Virginia Requiring ELT Participation by October 2015
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Electronic Title States

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A series of questions in which our writer attempts to answer simple-sounding questions without saying things like "Well, yes, they do have ELT but..." Let the reader understand that these are simplified answers. ;)

See the other posts in this short series: Electronic Title States (this post), Upcoming Electronic Title States, States Compelling Participation in ELT, and States Planning to Compel Participation in ELT.

Which states currently have an Electronic Lien and Title (ELT) program?

Please note the following:

  • The Kansas Electronic Lien and Title program does not currently accommodate direct interaction with service providers like DDI.
  • In New York, the program is known as the Electronic Lien Transfer (ELT) Program, since there is no electronic title. Even with liens, owners retain titles in New York state.
  • The Utah E-Liens (Electronic Lien Transfers) program does not currently accommodate direct interaction with service providers like DDI.
  • The Wisconsin program does not currently meet our definition for a full ELT program, since as in New York, owners retain the paper title and the state does not electronically notify lenders when the lien has been recorded. However, they do require lenders to participate in their lien recording program, e-MV Agent. Wisconsin DOT expects to change to a full ELT program in the Summer of 2012. ("On July 1, 2012, Wisconsin will become an electronic title state.")

If you are a lender and would like a greater explanation of these differences, please contact DDI. If you are a state or would like more technical details, you may also visit our AllAboutTitles.com site.

Continue reading Electronic Title States