ENGS Commercial Finance continued its advancement of new technology into the commercial finance space by fully automating its Uniform Commercial Code (UCC) submission and tracking process.

Prior to this advancement, the UCC submission process included manual entry of specific borrower and asset details from a credit and loan management system within a specific window of time to be validated to secure a borrower a first priority security interest. Fully integrating and automating the process from loan origination to submission is meant to reduce the risk of error and improve the timeliness of filing.

“With a rapidly growing number of new originations and refinancing opportunities, our operations team was working harder than ever to file and track each UCC-1 and UCC-3 filing through i-Lien,” Christopher Johanneson, managing director of operations, marketing and digital strategy for ENGS Commercial Finance, said. “The implementation of a technology layer to facilitate the two-way transfer of accurate data on time and helps our team better manage the secure flow of information from one system to the next. This addition frees up resources for us to service more customers efficiently and effectively.”

Automating this process involves cross-functional collaboration and support from ENGS FINTECH partners connecting systems and data transfer. This includes collecting and cross-referencing data from multiple data warehouses with multiple points of information verification, ensuring filings are completely and accurately filed, including individual state-specific regulatory compliance where required.