How To Find Electronic Lienholder Id Number

As a reminder, starting March 16, 2021, the Michigan Department of State (MDOS) will allow for the electronic exchange of lien and title information with lienholders in lieu of a paper document of title. The Electronic lien and Title (ELT) program will help minimize the threat of fraud and help keep the involvement of the financial institutions safety. Information technology eventually will be required for all financial institutions to participate in the ELT plan. To participate, financial institutions can apply in one of two means:

Sign up with one of the two approved service providers:
- Service providers are third-party companies that handle all ELT transactions including adding, releasing, and removing vehicle liens.
- DDI Technologies and Dealertrack are approved service providers for the state of Michigan.
- Additional service providers may be canonical by the Land of Michigan at a afterwards date.
Apply through Michigan Department of Land online services:
- An Authorized Requestor Awarding form will need to be filled out and uploaded through Michigan Department of Country online services.
- The application requires the financial institution'southward name, address, and Federal Employer Identification Number (FEIN).
  - Entering a Corporate ID number is optional.

Once approved, all financial institutions participating in the ELT programme:

Will release a lien electronically when the championship record is held electronically.
Volition be assigned a unique ID called a Lienholder ID.
The Lienholder ID must be presented to the Secretary of State or dealership at the time of title issuance.
- If not included on proper documentation during title issuance, the title volition exist processed as a newspaper title and printed and mailed accordingly.
All liens placed on a title after March xvi, 2021, should be submitted using the Lienholder ID so the title is held electronically.
Financial institutions can view when an electronic lien in their proper name has been added, removed, or released.
While releasing an electronic lien, a new electronic lien can exist added past entering the new Lienholder ID.
Once all electronic liens are released, the Secretary of Land will print and mail the title to the customer.

For questions contactDebbie Mitin.

View the Michigan Department of State best practices regarding the awarding of title for financed motor vehicles.
MI SOS presents a webinar on 2/two/21 on ELT. Watch it here.

Dealertrack, one of the State of Michigan approved service providers for electronic lien and title (ELT), is an MBA Service Corporation Endorsed Partner, and they look forward to existence able to offer aid to our members with their title administration process. For more than information on Dealertrack's ELT services, read here . Please attain out to Jill Verscheure, MBA Service Corporation Vice President, at 517 342-5681 or jverscheure@mibankers.com .

ELT Questions and Answers

Can e-Services be configured to permit for multiple account managers? Another question stating- Can ELT participants have multiple account owners on e-Services account?
- Each business relationship is ready upwardly for 1 account manager at this time. If need be, we can discussing adding a second director in our programming.
Can users with existing e-Services account piggyback their ELT account?
- Yes, in that location is an choice to add account access to the account once you are logged in.
Can ELT related fees use monthly account billing if existing payment billing business relationship exists?
- No, lienholders can complete payments by credit card, checking account, or by EFT
When calculation a 2d lienholder, is the kickoff lienholder notified?
- If the first lienholder is using a Service Provider, the Service Provider volition receive a file with this information.
- For Lienholders using e-Services, if they searched for the vehicle they would run across the updated information.
How does lienholder know if it is a refinance/to add lienholder?
- This conversation has to be betwixt both Fiscal Institutions. When determining the amount that needs to exist paid off, the new lienholder should exist providing their lienholder ID to exist added during the lien release performed by the current lienholder. This is assuming both lienholders are in the ELT program. In one case the lien has been added the new lienholder would exist able to view this information on eastward-Services. If they are using a Service Provider, the Service Provider will receive a file for this information.
Enrollment forms are bachelor on 3/16/21

Webinar

Michigan'due south initiation of Electronic Lien and Championship adds to the complexity of an already complex newspaper titling process — particularly where it means lenders must juggle ii separate processes simultaneously. Join MBA Service Corporation's Endorsed Partner-Dealertrack/Cox Automotive'south Senior Lender Solutions Subject Matter Expert, Robert Christini, as he covers the digital evolution taking place in automotive retailing — and Dealertrack solutions bachelor to back up lenders.

Watch the MBA Service Corporation and Endorsed Partner Dealertrack Cox Automotive webinar:ELT Coming to Michigan-Dealertrack Solutions for Lenders.

Below is Robert Christini's contact information below-

Robert Christini
Senior Lender Solution Skilful
1-484-538-6412
Robert.christini@coxautoinc.com
https://us.dealertrack.com/

Source: https://www.mibankers.com/MIBANKERS/Compliance/Electronic_Lien_and_Title_/MIBANKERS/Resources/Electronic_Lien_and_Title.aspx?hkey=50d994b6-b802-4ceb-a3fa-4ab5b3ae5517

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