Speaker: Chad Puryear, Chief Lending Officer
Is it required that the entire PPR form be completed for every LNW/LEM/COM action?
Or is it completed based on the type of loan we are doing?
Chad Puryear: Good afternoon. So we've received a question regarding public record reports and the question has to do with the form itself and whether or not all sections of the form have to be completed on every new loan, which would be an LEM, an LNW and a COM. And the answer to that question is that all sections of the form do not need to be completed. It depends on the type of loan. The primary purpose of the public records report is to ratify that we have a first lien position on a chattel or other personal property. Therefore, Section C is the section that you should be focused on in completing the report. The other sections of the report have to do with us searching the title to real estate and the related records to real estate. And generally, you're not going to be using this form for that purpose because an attorney will be actually completing the title, search for real estate. So making the assumption that you are using the form to search the lien position of personal property, you're gonna complete Section C only. And this form is required if you are taking personal property chattels for the first time, that we have never searched the lien before, and that we do not have a purchase money mortgage interest. There is a public records report policy and procedure on PolicyStat, and please reach out to your manager, Nick Martin, or myself should you have additional questions.
