Lorain National Bank in Lorain, Ohio, has begun to receive electronic, paperless vehicle titles instead of conventional paper titles from the Ohio Bureau of Motor Vehicles, VINtek Inc. plans to announce today.
Lorain National, a subsidiary of the $1.2 billion-asset LNB Bancorp Inc., selected VINtek in December and began implementation earlier this year of the vendor's electronic lien and title technology, VINtek said.
"Using ELT from VINtek enables us to reduce title management expenses and allocate fewer staff members to our collateral management department," said Melissa Kinlin, associate vice president, loan center supervisor at Lorain National, said in the vendor's press release.
VINtek, of Philadelphia, provides automotive collateral management services and direct auto finance technology for banks, credit unions and other auto finance institutions.
