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How to Take and Perfect a Security Interest in a Mobile Home

By Scott Birrenkott

While there are no new requirements regarding the taking and perfecting of a security interest in a mobile home, WBA has received several questions recently regarding the steps for doing so. While taking and perfecting a security interest depends upon the facts of a particular loan, as well as a bank’s available documentation, there are some important general aspects to consider specific to mobile homes, which are presented in this article.

When it comes to perfecting a security interest on a mobile home (note that there is an important distinction when a mobile home becomes a “manufactured home” which is discussed more below), we have a few recommendations for what to consider. Typically, we recommend starting with whether the home is on land and whether it is affixed to that land. This is important because if the home is affixed to the land, the bank will need to file a fixture filing with the register of deeds office where the land is located.

Additionally, if the home is located on land not owned by the homeowner, for example a trailer park, the bank should consider obtaining a fixtures disclaimer signed by landowner. On the other hand, if the home is on land owned by the mobile home owner, the bank should consider filing a mortgage on that land as well.

For purposes of perfection, under Wisconsin law, a security interest in a “manufactured home” is perfected by notation on the certificate of title with the Department of Commerce (DOC) unless it is a fixture or intended to be affixed to land. Note that a “manufactured home” includes in its definition a mobile home that is greater than 45 feet in length. A mobile home that is 45 feet or less is considered a “recreational vehicle” and the Department of Transportation (DOT) retains responsibility for these vehicles.

The DOC may remove information pertaining to a security interest perfected in a manufactured home from its records when 20 years has elapsed after the original perfection. This is also true with regard to the DOT and information pertaining to a security interest in “recreational vehicles.” However, a secured interest in a manufactured home that is a
fixture or which the owner intends to permanently affix to land that the owner of the manufactured home owns is not necessarily perfected by a notation on the certificate of title, as there may be no such title. Instead, the creditor should file a fixtures filing on the manufactured home.

With respect to such a fixtures filing the Wisconsin Manufactured Home Certificate of Title must be completed for titled manufactured homes greater than 45 feet in length. To obtain a perfected security interest in the home, a lender must have its lien noted on the title of the home that is delivered to DOC.

Keeping in mind the distinction between a “manufactured home” versus mobile homes that might not meet that definition, the MV1- Wisconsin Title and License Plate Application must be completed for those mobile homes 45 feet in length or less which are titled. The perfection of a security interest in a mobile home is accomplished by a notation of the lien on the Certificate of Title that is delivered to DOT. For titled manufactured homes, the bank’s security interest is perfected as of the time of its creation if the delivery described (to either DOT or DOC) is completed within 10 days thereafter, otherwise, as of the time of such delivery.

Taking all of this together, and given the various complexities in the area of mobile homes, it has been our longstanding recommendation that lenders do all as applicable to perfect their security interest in manufactured homes. For example, have the bank’s lien noted on title either with DOC or DOT, and File UCC 1 and UCC 1A fixtures filing with Register of Deeds office where a mortgage would be filed on related real property noting that the fixtures filing is being filed in connection with a manufactured home transaction, and if applicable, a fixtures disclaimer.

Note: The above information is not intended to provide legal advice; rather, it is intended to provide general information about banking issues. Consult your institution’s attorney for specific legal advice or assistance.

 

Birrenkott is the WBA director – legal

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National Exchange Bank & Trust: Lisa Benike Celebrated 30 Years at National Exchange Bank & Trust

Lisa Benike headshot

Lisa Benike

Lisa Benike celebrated 30 years of service at National Exchange Bank & Trust on November 2, 2024.

Benike joined the bank in 1994, as a customer service representative. In her current role, Benike oversees the account services staff and operations and plays an integral part of the account services leadership team in employee engagement, risk management and leading project teams as a vice president.

Benike grew up in Campbellsport, where she attended Campbellsport High School and currently resides with her family. She earned her AAP accreditation from MACHA as well as a deposit compliance certificate from the Wisconsin Banker’s Association.

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Forward Bank: Leah Brown Joins Forward Bank as Mortgage Lender

Leah Brown

Leah Brown has joined Forward Bank as a Mortgage Lender serving our locations in the Northwoods.

In joining the Mortgage Lending team, Brown will guide customers through the home buying and refinancing process. She will also work closely with other areas of Forward to uncover opportunities to strengthen the customer relationship and provide additional solutions.

“I have worked closely with different members of the Forward team throughout the years,” commented Leah Brown, Mortgage Lender at Forward Bank. “Seeing those colleagues and friends join this organization and start sharing the story made me want to know more. My purpose aligns well with Forward, and I can’t wait to see how we collectively can serve the businesses, community members, and new home buyers in the Northwoods.”

Brown has earned her bachelor’s in business administration from the University of Wisconsin – Green Bay with a major in Finance and minor in Economics. She has seven years of experience in the banking industry, most recently as a Mortgage Lender. Active in her communities, Brown is an affiliate member of the Northwoods Association of Realtors, as well as the Eagle River Lions Club.

When not at work or volunteering, Brown enjoys running marathons, hiking, reading, watching her 10-year-old daughter dance, and chasing after her 4-year-old son.

“Leah is a great addition to our Northwoods team and the group of Mortgage Lenders serving all of our communities,” said Jake Weinand, VP / Northwoods Market President at Forward Bank. “She not only brings strong connections within the community but adds a new energy and perspective to the lending process.”

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Starion Bank: Starion Bank Promotes Stenerson

Grant Stenerson

Starion Bank is pleased to announce the promotion of Grant Stenerson to Business Banking Officer VP.

Stenerson joined Starion Bank in 2021 as a Business Banking Officer, bringing prior experience in banking and credit analysis. He was promoted to Business Banking Officer, AVP in 2023. In his years at Starion, Stenerson has consistently helped local owners and entrepreneurs who rely on his expertise to find the best banking products and services for their unique needs.

Stenerson earned a bachelor’s degree in business administration and finance from the University of Wisconsin Eau-Claire and has also continued his education through the American Bankers Association and Wisconsin Bankers Association.

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Was the CrowdStrike Incident a Fluke or the Beginning of a Trend?

By Rob Foxx

On July 19, 2024, CrowdStrike pushed out an update to their customer base that disabled an estimated 8.5 million computer systems across the world. This not only damaged their reputation, but it also sent fear and uncertainty into those businesses that utilize IT services. This single event cost about $5.5 billion in damages and business loss.

The real question is who can be affected by an event like this. The short answer is anyone who uses any products or services that can affect the system files of a computer. This includes Microsoft Windows automated updates, antivirus, remote configuration tools, and many others. For those who are not familiar with the previously mentioned list you have several of these on any given business computer.

So why do we not hear about events like this more often? The reality of the situation is these events happen every day. Windows updates pushed out by a managed service provider that removes all network drivers, thus disabling the connection to the login service rendering a computer useless, was my personal CrowdStrike. This happened several times over the course of a month, anti-virus similar to CrowdStrike that disables use of business-critical software or core access. An update to Windows that prevents backup software from running correctly. These have all happened. Most people have never heard of these events as they did not have a worldwide impact or cost billions of dollars in losses. CrowdStrike made news because of their wide adoption as they offer a service only a handful of other companies do.

So how do I protect my organization? The only 100% means of protecting your computer environment is to power it down, unplug it, and bury it in concrete. Business, however, runs on acceptable risk, so let us look at what could help lower your risk and impact. During the course of onboarding or reviewing a vendor for contract renewal, you can verify or request that they add in testing criteria before sending out updates. Comparing vendor services with an RFP (Request for proposal) can identify whether a service fits your needs. Several similar companies allow for the designation of a test group which includes a sampling of computers across your organization. This group should fill all the key roles to running your enterprise and test for a week or more before the updates are pushed to the rest. Perhaps one of the best means to protect yourself is to have knowledgeable IT on staff or as an on-call vendor. The fix to restore CrowdStrike would take per computer less than 10 minutes at a keyboard. A little longer if the computer has BitLocker or other similar protections in place. A good recovery plan and continuity for running on alternate systems can also save quite a bit of recovery time.

I do believe there will be more events like the CrowdStrike outage, especially given how large some services grow to global offerings. I believe vendors will be more cautious in their products. Will you be more cautious in your implementations?

Foxx is director – infosec and IT audit services for FIPCO, a WBA Gold Associate Member.

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Bob Reinders Honored with WBA Lifetime Service Award

Pictured (left to right): Johnson Financial Group Chief Risk Officer Todd Shaffer, Johnson Financial Group VP Compliance Officer Bob Reinders, and WBA President and CEO Rose Oswald Poels.

On September 30, WBA President and CEO Rose Oswald Poels presented Johnson Financial Group’s Bob Reinders with a WBA Lifetime Service Award for 40 years of service to the banking industry.

 

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Bank Five Nine Donates to Lakeshore Community Health Care’s Commitment to CARE

Pictured (left to right:): Stacey Wagoner, AVP, West Bend Branch Manager at Bank Five Nine, and Kristin Stearns, CEO at Lakeshore Community Health Care.

Bank Five Nine was happy to donate $1,000 to Lakeshore Community Health Care’s (LCHC) Commitment to CARE.

LCHC’s mission is to provide access to comprehensive, integrated health care regardless of ability to pay, eliminating health disparities among the underserved. Their vision is to create communities where all people live healthy and active lives.

“As a community health center, this generous gift will help us provide essential medical, mental health, dental, and pharmacy services to everyone in our community, regardless of their income or insurance status,” said Kristin Stearns, CEO of Lakeshore Community Health Care. “We are truly grateful for Bank Five Nine’s dedication to helping our neighbors lead healthier lives.”

“LCHC and its Community Cares initiative provide uninsured and low-income residents of Washington County with the necessary medical assistance. We are honored to donate to a non-profit that ‘Makes Lives Better’ by helping the community and improving the health of its residents,” said Tim Schneider, CEO and President at Bank Five Nine.

For more information about this organization, please visit lakeshorechc.org To learn more about Bank Five Nine and their charitable giving, please visit bankfivenine.com

 

 

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Kearns is New Prevail Bank Vice President

Michelle Kearns, VP – Compliance Manager Prevail Bank – Wisconsin Rapids

Prevail Bank is pleased to announce that Michelle Kearns is the bank’s new Vice President of Compliance. Kearns, an accomplished Compliance and Risk professional, brings nearly 20 years’ experience in the areas of auditing and compliance, risk management, residential/consumer lending and loan processing to Prevail Bank. Her home base will be Prevail Bank – Wisconsin Rapids. She will be succeeding long-time professional, Lenore Breit, who will be retiring soon.

“Michelle is an excellent problem solver and communicator,” said Scott Romportl, Chief Risk Officer. “Her strengths in organization, attention to detail, and knowledge of banking regulations, risk management, and the administration of compliance programs are valuable assets. We are excited to have Michelle join our team.”

Kearns is active within the Wisconsin Bankers Association (WBA) and volunteers for various events within her community. When she isn’t working, she enjoys spending time with her family, attending her children’s sporting events, and volunteering/supporting community activities.

 

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Bank of America Names Drew Slocum as Wisconsin President

Drew Slocum

Bank of America recently named Drew Slocum as president of Bank of America Wisconsin. As president, Slocum will lead the Wisconsin market and will be responsible for connecting clients, teammates and communities to the bank’s eight lines of businesses and the full power of Bank of America.

Slocum joined Bank of America in 2006 and has over two decades of experience in the financial services sector. In his new role, Slocum will also lead the bank’s work to grow market share as one of the company’s newest expansion markets and direct efforts to deploy resources in order to help advance economic mobility and build strong communities.

“During his longstanding career at Bank of America, Drew has established deep relationships with teammates, clients, and the communities in Wisconsin,” said Brian Moynihan, Bank of America chairman and chief executive officer. “Drew is well positioned to grow our presence in Wisconsin and deliver the full breadth of Bank of America’s capabilities to help our local clients improve their financial lives.”

Slocum joined Bank of America in Chicago and returned home to Wisconsin in 2013 as the state’s first Global Commercial Banking relationship manager. He currently serves as Global Commercial Banking market executive, leading a team of middle market bankers in Wisconsin.

Growing up outside of Milwaukee, Slocum is active in the community and is a member of the Federal Reserve Bank of Chicago’s Wisconsin Economic Roundtable and the Future Wisconsin Project steering committee, as well as an executive partner for the M7 Economic Development Organization. In addition, he is a board member and past board chair of First Tee of Southeast Wisconsin and board member of WMC Foundation. He lives in Mequon with his wife and two daughters.

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Engaging the Next Generation of Customers

By Ashley Clemons

Ashley Clemons

In today’s banking landscape, capturing the attention and trust of younger generations — specifically Millennials and Gen Z — is crucial for the sustained growth and relevance of community banks. This tech-savvy group not only represent a significant portion of the consumer market but also bring unique expectations and preferences to their banking experiences. To effectively engage and attract Millennials and Gen Z, try focusing on these important topics:

Understanding Their Needs and Preferences

Millennials and Gen Z value convenience, transparency, and digital accessibility in their banking interactions. They expect seamless digital experiences in all aspects of their everyday life, including their banking services. Offering user-friendly mobile banking apps, online account management tools, and responsive customer service channels are great ways to fulfill this expectation.

Educational Content and Financial Literacy Initiatives

Younger generations appreciate banks that go beyond transactional relationships by offering valuable educational resources and promoting financial literacy. Try differentiating by creating content that educates Millennials and Gen Z about financial planning, budgeting, and saving strategies. Hosting workshops or webinars on topics like student loans, homebuying tips, how to budget effectively, or investing basics can establish credibility and build trust among this demographic.

Innovative Banking Solutions

Offering innovative banking solutions tailored to the needs of younger generations can set banks apart.

Features such as mobile check deposit, chat features, peer-to-peer payment, and automated savings tools appeal to Millennials and Gen Z who prioritize convenience and efficiency.

Building Trust and Credibility

Trust is vital for Millennials and Gen Z when choosing a financial institution. Build trust by maintaining transparent communication, prioritizing data security, and delivering on promises made in marketing campaigns. Positive online reviews and testimonials from satisfied customers can further bolster credibility to attract this group of consumers.

Digital Engagement and Social Media Presence

Leverage your social media platforms and digital marketing channels to engage Millennials and Gen Z effectively. Regularly updating social media profiles with relevant content, customer testimonials, and community involvement highlights can enhance brand visibility and attract younger customers who are active on these platforms. Engaging with followers through interactive posts, polls, and Q&A sessions is a great way to create a sense of community and responsiveness.

Clemons is VP – marketing at The Peoples Community Bank and member of the 2024–2025 WBA Marketing Committee.

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questions@wisbank.com

608-441-1200

4721 S Biltmore Ln.
Madison, WI 53718

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