Announcements

USCG Documentation Hull ID Searches

“Delays cause banks to stop funding loans…”

In mid-March, the National Vessel Documentation Center (“NVDC”) notified the American Vessel Documentation Association (“AVDA”) that NVDC would no longer try to respond to requests for Hull Identification Number (“HIN”) searches on a daily basis but rather, would handle them on a “bulk” basis when time allowed. As of the date of this announcement, HIN search requests submitted to NVDC over three weeks ago remain unanswered.

It is obvious that the lending community cannot stop making loans on boats that are large enough to qualify for USCG documentation due the NVDC slow-down, nor should lenders abandon their due diligence procedures. For these reasons, NMLA and AVDA have worked together on an article that outlines a workable solution to what could possibly be a permanent situation.

For your convenience, you can double click the pdf below and read the entire article. This is important information for NMLA’s lenders and members involved in USCG documentation paperwork and we hope you will share this email and the article with others within your company who might be affected by this situation.

Thank you for taking a few minutes to read the article and please, don’t hesitate to contact NMLA at info@marinelenders.org or telephone (410) 980-1401 with any questions or comments you might have.

Michael Bryant, President
National Marine Lenders Association

Marine Lenders Workshop Receives Outstanding Reviews from Attendees

Since its origin in 1994, the NMLA Marine Lenders Workshop has continued to deliver the most comprehensive course on best practices for marine lenders offered anywhere in the US. This year’s March event in Ft. Lauderdale was no exception.

Each year the program instructors delve into the uniqueness of marine lending: the impact the economy has on the boating industry, the “how-to-s” of underwriting both small and large marine loans, best collection practices, the art of collateral valuation, remarketing strategies, the differences between a boat insurance policy and a yacht insurance policy, perfecting liens on marine collateral on the local, state and federal level, and so much more. For attendee comments, next year’s workshop date and location, and fun photos click here.

Marine Lenders Announces New Officers & Directors; January, 2016

The National Marine Lenders Association is pleased to announce its new slate of officers for 2016-2017. Michael Bryant, Trident Funding Corporation, will serve another one-year term as President and Bill Otto, Lake Effect Financial, will continue on as Treasurer of the organization. Dennis Poer, Community and Southern Bank will serve as Vice President and John Haymond, Medallion Bank will serve as Secretary.

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