PEAK
Where is DDI Located?
South Carolina
What State primarily Uses MVD Express for Title Processing?
New Mexico
What 3 documents should always be included in a New Mexico title packet?
1) Original certificate of title
2) Completed and signed title application
3) Driver's License
Where are lien perfection items currently being tracked?
AMP / Salesforce
What does LRC stand for?
Loan Review Committee
Which Accion Regions Primarily Process Through DDI?
Colorado and Nevada
What State No Longer Accepts Hypothecation Agreements?
Nevada
What is a Statement of One and the Same?
The Statement of One and the Same is a form that should be completed when the title holder has more than one variation of their name.
What 3 items should be included in the Collateral Name when entering a vehicle?
1) Year
2) Make
3) Model
What does LPI Stand For?
Lien Perfection Items
Who's Responsible for sending packets to DDI?
The Lender
In What State are Titles Processed Based on County?
Colorado
What 2 forms are specifically required for vendor purchases?
1) Vendor Title Request Agreement
2) Third Party Authorization
Who is responsible for updating the collateral status and notes in the system?
Loan Processors with information obtained from the Lender, Third Party vendors, and respective MVD's
What is the purpose of LRC?
To review loan files, identify risk, evaluate default loans, and discuss improvements to avoid additional and future risk.
What should a DDI packet contain for lien placement?
DDI Checklist
Title
Original DDI POA
Drivers License
Security Agreement
Odometer Reading
Color of Vehicle
In What State Do We Process Recreational Vehicles Through the Department of Wildlife?
Nevada
What is hypothecation?
Hypothecation is a practice where a third party pledges collateral for a debtor to secure a debt.
Name 3 commonly used Collateral Types.
1) Vehicle
2) Mobile Home/RV
3) UCC - personal and business assets
also: Real Estate, UCC/Business Asset
What Departments are Involved with LRC?
PQ, Loan OPs, Accounting and Executive
What services does DDI provide to Accion?
Lien Placements
Title Transfers
Vaulting
Lien Releases
In What States do Clients Process Titles Prior to Closing?
Arizona and Texas
There is an additional item required for mobile homes in the State of New Mexico. What is that item?
Tax Clearance/Release from the County Treasurer's Office.
What are the 2 different Title Statuses?
1) Currently Owned
2) Purchased with Loan Proceeds
How often doe LRC meet?
Quarterly