Michigan Auto Title Service, Recovery Database Network Partner to Help Lenders
SHELBY TOWNSHIP, Mich. — Michigan Auto Title Service and Recovery Database Network announced today that they have started the process of integrating their software products to will allow mutual customers to seamlessly confirm liens and process title requests.
The M.A.T.S. Request Pro Software Version 1.0 was launched in May 2007. According to officials, Ii is a Web-based application developed to give M.A.T.S.' customers the ability to login to a Web-based environment to submit lien confirmation and title requests; check the status of those requests; and send comments or update the submitted requests.
M.A.T.S. said it worked with XFX Studio to develop a custom software application intended to revolutionize the industry by streamlining how M.A.T.S.' customers submit requests. Ultimately, the program was designed to improve efficiencies and enable faster turnaround times regardless of the volume of such requests.
"M.A.T.S. has a team of highly dedicated men and women who have been assisting many high volume financial institutions, auto dealerships and auctions with their lien confirmation and title processing needs since 1999," said Todd Wysocki, vice president of M.A.T.S.
"The processes related to titling services rely on the ability to effectively exchange information between lien holders and the department of motor vehicles in all 50 states, and M.A.T.S. effectively bridges that gap. With the use of cutting edge technology, M.A.T.S. has established the ability to process all title requests the same day they are received which is no small task when you process over 15,000 titles per month," he continued.
Todd Hodnett, president of Recovery Database Network, added, "After the statutory redemption period, every day that passes where a lender cannot sell a repossessed vehicle because they are waiting on a title costs lending institutions money. Our integration with M.A.T.S. will provide lenders with an opportunity to shave days, if not weeks, off of the titling process, which will translate into a huge savings for large volume financial institutions.
"The key to this is that it allows a lender to manage recovery of the vehicle and subsequent repossession titling requests all in one software environment, which streamlines the entire recovery and remarketing process thereby creating efficiencies for our mutual financial institution clients," he explained.