Financial Institutions

Client Industries Include:

• Commercical Banks
• Factors
• Asset-Based Lenders
• Equipment Leasing Companies

Why Choose FCS?

First Corporate Solutions (FCS) is well known and widely respected for our unique understanding of the needs of Financial Institutions. We work hard to design products and services that specifically address their business requirements. The FCS canon of services empowers customers to evaluate applicants quickly, monitor existing customers and close transactions with confidence and ease.

First Corporate Solutions offers:

• Comprehensive pre and post-funding Due Diligence search packages
• Dedicated Account Management
• Online Search, Filing and Portfolio Management system
• Nationwide State and County Lien Monitoring services
• Innovative Delaware Search Solution

Products

• UCC/Lien Services
• Online UCC System
• Online UCC Search
• UCC E-Filing
• Account Monitoring
• Corporate Services
• Title Search
• Real Property Title Services

Case Study

Factors | Download PDF

Background

As the Operations Manager for a national Factor company, Shannon understands the need to establish and maintain her firm’s perfected security interests. Her company’s clients range from start up companies to established firms, so when it comes to nationwide UCC and corporate services, she cannot afford to lose valuable time with slow turnarounds. Nor can she afford to miss valuable filing information such as federal tax liens or UCCs in her efforts to perfect her firm’s security interests.

Challenge and Solutions

In order to keep with her firm's high standard of reliability and thoroughness, she needed to find a UCC and corporate service provider that had qualities specific to the factor market. "In our business, we need to know everything pertaining to our client's financial status before we fund, and we must monitor that status after we fund," said Shannon.

Shannon started using First Corporate Solutions in November of 2003 because of their competitively priced fee structure and their comprehensive search/file/monitor services. "Before we started using First Corporate Solutions, we used different service companies to search or file, and another to monitor our debtors. Now we can utilize just one, First Corporate Solutions, to address all three. One-stop shopping is easier to manage for me."

"Before, a couple of federal tax liens attached to our existing debtors at the county had gone unnoticed until it was almost too late," Shannon recalled. "Now, with their Account Monitoring service program in place, we are informed of these liens in time for us to be more proactive. I don’t know of any monitoring service like it; they keep an eye on federal tax liens for us at both the state and county level."

After using First Corporate Solutions' national array of search and filing services for a year, Shannon knew she had found a solution she could rely upon; she knew she was receiving the accurate and timely information she needed to help establish and maintain her firm's perfected security interest. "We have received alert notifications of federal tax liens and UCC filings, which you can imagine, have helped save our firm from heavy potential losses. Our switch to First Corporate Solutions equaled higher revenue, less time wasted, and a lot less headache."

Results

• Shannon's firm averted revenue losses by receiving alert notifications of federal tax liens levied against their debtors in time for them to respond proactively.
• Due to faster turn-around times on searches, Shannon’s firm was able to promptly decide whether to offer their clients the financial services they requested.

Case Study

Commercial Bank | Download PDF

Background

Last year, Lisa received a promotion to Branch Operations Manager at the midsize bank where she works. Bank management was concerned about the cost and turn around time they were encountering to process their pre-funding searches and UCC filings. Lisa was asked to review her branch’s process for coordinating due diligence search efforts and UCC filings and implement a better solution.

Challenge and Solutions

"Our clients need to be funded as soon as possible and we were forced to pay our service provider costly rush fees in order to meet our customers' needs," said Lisa. She began making phone calls in an effort to find a full service provider that could deliver a quality product quickly and at a fair price. She was looking to build a relationship with a company she could count on. "I didn't have a lot of experience with searching and filing and I was pretty intimidated, but First Corporate Solutions took the time to educate me and help me understand the process so I could make an informed decision."

After speaking with several service providers Lisa choose First Corporate Solutions as her team's new public records service provider. "After weighing all of my options, First Corporate Solutions was the obvious choice. Their integrated online search and filing system was a great fit for our organization. It really helped us manage our transactions and cut costs. That paired with their great service made our decision to switch an easy one."

Lisa's staff began using First Corporate Solutions in March of 2007. Bank management is thrilled with the cost savings, speedy turn around and excellent service they receive from First Corporate Solutions. Lisa recently proposed that all bank branches adopt First Corporate Solutions as their preferred vendor. "The change has been so positive for our branch. I'm confident our organization could benefit from a large scale switch."

Results

• By utilizing First Corporate Solutions’ Efiling technology, the bank has dramatically reduced their cost for UCC filings
• Due to improved turn around for searches and immediate online solutions, Lisa's bank has reduced their funding cycle by 20%, allowing them to better service their clients and remain competitive in the industry.

Resources

Identifying Synonymous Corporate Terms	Interact With Corporate Documents With Confidence When You Understand State Filing Office Terminology
An Overview of Good Standing Certificates	Use This Reference Guide to Familiarize Yourself with Good Standing Certificates
Plain v. Certified Copies of Corporate Documents	Do You Need Plain or Certified Copies of Corporate Documents? Use This Reference Guide to Help You Decide
Evolving Certification Techniques at State Filing Offices	Budget Cuts and Advancing Technology Have State Filing Offices Changing the Way They Certify Documents
Solutions for Slow Processing Times	Budget Cuts Lead to Slow Processing Times for Public Records - Try These Tricks to Secure Documents in Time for Closing
Basics of The Uniform Commercial Code + Article 9	The Uniform Commercial Code Guides Commercial Transactions in The United States - Read on to Learn More About The Code and Article 9, Secured Transactions
UCC Financing Statements in Three Easy Pieces	The UCC1 Financing Statement Form is Filed to Give Constructive Notice of a Secured Party’s Interest in a Debtor’s Property - Read on to Learn About What Information is Required on The Form
Secured Party v. Filing Officer Responsibilities	The Secured Party, Not Filing Officer is Responsible for Accuracy and Completeness of a UCC Financing Statement
Top 5 Mistakes on UCC1 Financing Statements	UCC Filing Mistakes Can Jeopardize a Lender’s Ability to Collect on a Bad Debt - Watch Out For These Common Mistakes on Financing Statements
Top 3 Mistakes on UCC3 Change Statements	UCC Filing Mistakes Can Jeopardize a Lender’s Ability to Collect on a Bad Debt - Watch Out For These Common Mistakes on Change Statements
When to File UCC3 Continuation Statements	A Lapsed Filing Can Cost a Secured Party Their Priority Position to Collect - Follow These Steps to Guarantee Timely Filing of Continuations
Handling Accidentally Lapsed UCC Records	A Lapsed Filing Statement Cannot be Revived, But You Do Have Options - Read on to Learn About What You Can do to Minimize Your Risk in the Event of an Accidentally Lapsed UCC
Tackling Fraudulently Filed Termination Statements	Don’t Panic – You Have Options When Dealing With Fraudulently Filed Terminations
UCC Filings on Sole Proprietorships	Sole Proprietorships are Considered Individuals, Not Businesses in the Eyes of the Uniform Commercial Code
Rejected UCC Filings v. UCC's Accepted with Errors	Rejected UCC Filings are Costly and Inconvenient, but a Filing Accepted with Errors Can Be Even More Dangerous
Tips for Reducing UCC Filing Costs	Keep Your UCC Filing Costs Down by Adopting Some or All of The Best Practices Discussed in This Reference Guide
What Party Names to Search	It is Important to Search All Names Under Which Liens Could be Filed - This Reference Guide Provides Information on Determining What Party Names to Search
What Liens to Search For	Manage and Mitigate Your Risk With a Comprehensive Due Diligence Search Package
Where to Perform Lien Searches	Searching the Correct Filing Offices Helps Avoid Surprise Liens
3 Quick Tips for Effective Lien Searching	Follow These Simple Searching Tips to Improve the Quality of Your Lien Searching Efforts
Tips for "Reading" Your UCC Search Report	UCC Search Reports Vary in Appearance and Contain Different Information Depending on the Data Source - This Reference Guide Provides Tips for Interpreting UCC Search Results
Why Name Variations Matter in UCC Searching	For the Greatest Peace of Mind, Look for UCC Search Solutions That Reveal Similar Names
Limitations of State Direct Online Searches	Before Using Any Online UCC and Lien Search System, be Sure to Evaluate it Carefully to Understand Its Limitations
Benefits of Searching for Tax Liens and Judgment Liens	Tax Lien and Judgment Lien Searches are a Critical Part of a Thorough Due Diligence Investigation
Alert Searcher to Expected Hits	Save Time by Letting Your Searcher Know up Front if You Expect Hits on a Lien Search
Lien Monitoring Programs: What Liens to Search For	The Sooner a Creditor Knows About a Lien, the Sooner They Can Act to Protect Their Interests - Lien Monitoring Programs Provide Early Notification of Potential Credit Risks
Benefits of a Search to Reflect	A Search to Reflect Confirms Proper Indexing of a UCC Filing and Verifies its Position Relative to Other Creditors
How Long to Wait to Order a Search to Reflect	A Search to Reflect is a Critical Final Step in Your UCC Filing Process. This Reference Guide Provides Information on How Long to Wait After Filing a UCC to Order a Reflective Search
Tips for Reducing Search Costs	Don’t Cut Corners in Your Lien Searches, Incorporate These Cost Saving Strategies to Keep Due Diligence Costs Down
Why Many Businesses Organize in Delaware	Simple Set up and Business Friendly Laws Draw Many Businesses to Delaware
Preclearance Filing Service in Delaware	State of Delaware Offers Preclearance Review of Corporate Documents to Help Guard Against Rejections
Delaware UCC Searching	With So Many Businesses Organizing in Delaware, it Has Become a High Volume UCC Search State - Read On to Learn About UCC Searching in Delaware
Delaware State Noise Words	Delaware State UCC Search Logic Drops Certain Noise Words from Search Strings
Ordering a Civil Litigation Search	Learn to Order a Civil Litigation Search to Achieve the Best Results - This Reference Guide Walks You Through the Five Pieces of Information You Will Need to Give Your Searcher
Civil Litgation Search - What Court to Search	Most Customers Search the State Court of General Jurisdiction and U.S. District Court as Part of Their Pre Funding Due Diligence
Civil Judgments v. Judgment Liens	A Civil Judgment is a Good Indicator of a Prospect’s Character, but a Judgment Lien is the Piece That Can Jeopardize a Lender’s Ability to Collect