Publications & Resources

November/December 2010
Technology

WIB Service Corporation Report
Meet WIB-Endorsed CSC: UCC & Due Diligence Services For Your Portfolio

By Anne K. Scully, WIB Service Corp. President

“There's no lightning. There's blood, sweat and tears. There's a good idea and there's 18 months of due diligence, hard work, day and night.”

– Mel Brooks

In the law, due diligence is defined as “the care that a prudent person might be expected to exercise in the examination and evaluation of risks affecting a business transaction.” Sounds fairly straightforward? Not in today’s economy, where even with the best due diligence undertaken, many bank have seen some of their best credits go “south” as their borrowers’ financial positions tumbled in a matter of weeks or months.

Recognizing banks’ “due diligence” challenge, WIB and the WIB Service Corporation sought an easy-to-use, accurate and timely Internet-based solution to help members better manage their portfolios. And we found it! We’re pleased to announce the endorsement of CSC’s UCC and due diligence services for your portfolio.

Corporation Service Company is a leading provider of Uniform Commercial Code (UCC) searching, UCC filing, online portfolio management and related due diligence services for commercial banks, capital leasing and finance companies and legal firms specializing in secured transactions. Founded in 1899, CSC has provided UCC services to the financial community since states began adopting the Uniform Commercial Code (UCC).

CSC’s Internet-based solution – www.csconline.com – can help your bank make better-educated funding decisions, protect your financial position and manage due diligence for your loan portfolios through one comprehensive system. From thorough UCC searching, filing and online portfolio management services, to the broadest online UCC database and film library in the industry, accurate information is returned. It also makes ordering, retrieving and managing corporate documents easier and more cost-effective than other service providers or jurisdictions.

Benefits of using CSC

With CSC, you get quick and reliable solutions for all your UCC needs. CSC has the nation’s largest online UCC database and film library and the most powerful keyword search logic that finds more records and filings on name variations or incorrectly indexed than any other service provider or state database.

You can retrieve corporate documents, conduct credit, bankruptcy, flood determinations and lien/litigation searches, or query your portfolio and receive comprehensive and customizable reports. All your documents are archived and can be retrieved at any time, plus you can share and transfer information with others (co-workers, counsel, accountants, etc.) inside and outside your bank.

CSC provides predictable, flat-fee UCC pricing and pre-paid statutory fees – there are no surprising “extra” charges in your monthly customized billing statement. And to start using the CSC interface requires no capital investment, program downloads, training fees or significant ramp-up time.

Perhaps best of all, CSC customer service is unparalleled in the industry, with live, personalized service from dedicated account experts during extended coast-to-coast business hours.

CSC Services for the Financial Market

UCC Searching and Filing
Tax and Judgment Liens
Bankruptcy Searches
Corporate Name Verification Searches
Corporate Document Retrieval
Civil and Criminal Litigation Searches
Flood Determinations
Business Credit Reports
Bankruptcy, Debtor, and Corporate Tracking (real time alerts)
Search-to-Reflect (Post-filing search)
E-filing in more jurisdictions than any other provider (same day filing and often lower fees)
UCC Filing Tracking (Expiration reports)
UCC Filing Portfolio Import/Transfer
Interface with all leading loan processing programs (e.g., Harland LaserPro®)
Automated PMSI Notification
Real Property Search and Filing Services

CSC and Article 9

CSC’s services are fully compliant with Article 9 requirements to help ensure that your bank’s filings are successfully submitted and managed. Some of the features that make it easy to stay compliant include:

Use of current National Standard Forms for UCC1 and UCC3 ﬁ lings
Links to online corporate records to improve the accuracy of debtor names and organizational IDs
Flagged ﬁelds that show information mandated by jurisdictions (e.g. type of entity, organizational ID number, and state of incorporation)
Validation tool that reduces rejection rates by checking ﬁlings and debtor names for accuracy and providing helpful information about jurisdictional requirements
Ability to quickly and easily create continuations and amendments from the original records
Ability to track, monitor, and receive notifications of changes to your orders, ﬁlings, and debtors that may affect your position

Searching Services

Using CSC’s proprietary search logic, you can uncover records that other service providers and state systems miss, ensuring that all your information is right the first time:

Access a complete digital archive of scanned images of results
Receive simple, consistent summary reports with each county search
Link documents and organize summary reports
Ensure a properly “perfected” ﬁling with its Search-to-Reﬂect service

Filing Services

CSC handles every part of your bank’s UCC filing life cycle, including tracking requirements and expirations, calculating fees, processing documents, writing checks, and submitting filings:

Reduce rejections with its proprietary Validator service and Automated Debtor Name Correction
Review and edit all your ﬁlings
Receive automatic updates regarding your order status through every step of the process
Use its Filing Import service to capture information in one convenient place
Utilize Filing Transfer to share information with counsel, accountants, etc.
Interface directly with your loan/lease processing program
File electronically in more than 37 jurisdictions
Access Automated Purchase Money Security Interest services

WIB Member Benefit

Free upload of portfolio information (Approximately $2,500 value)
10-14% % pricing discount on all fees
Free one-time secured party search ($50+ $.05 per record)

For more information on CSC-Diligenz’s UCC and due diligence services for your portfolio, contact Anne K. Scully at 415-352-2323 or anne@wib.org.