Seamlessly manage the entire loss mitigation process from repossession to remarketing with full visibility of the real-time case status, location of the asset and compliance status of the individuals accessing sensitive customer data.
Solutions for Auto Finance Companies
Working with the largest names in auto finance as well as local credit unions, we understand every institution has unique needs and processes. Therefore, our teams will help you configure the settings that best suit your organization, and our support team will provide individualized customer service to ensure you get the most out of your solutions.
Mapping– Only assignments that are in an Open status and eligible for recovery are on the map in RCM. If a case is no longer eligible (marked Hold or Close) case are removed from the map in real-time.
Two-Step Recovery Process – A major part of preventing unintended repossessions is for the lender to know when a unit is secured so customer payment arrangements can be made with a clear understanding of the vehicle status. Therefore, we implemented the industry’s first two-step recovery process.
- Step 1 – On-Hook – In RCM, the agent will see a green Hook icon that lets them know the case is open and available to be secured. When the field agent pushes the On-Hook button, this allows them to quickly and safely notify the lender that they have secured the unit. The lender then receives a status of “Pending Recovery” in real-time, letting them know the unit is secured. If the account status is not Active (Hold or Close), the assignment is removed from the app, and field agents are not able to On-Hook the unit in RCM.
- Step 2 – Asset Recovery – Once the field agent has reached a safe location, they can complete the recovery information – i.e., location, time and police information.
Gold Standard Compliance
Together with our lending clients and compliance partner RISC, we have created the industry standards for compliance that go beyond the annual checkup.
Verify, monitor and securely store important business documents and policies for all your asset recovery vendors. Document access and 24/7 compliance monitoring by RISC is available with VendorConnect.
Through our partnership with RISC, we have the most comprehensive list of recovery lot inspections nationwide with immediate access to more than 3,000 inspected lots.
Mitigate third-party vendor risk by verifying regulatory compliance training. The CARS program is the industry standard training program that covers all state and federal laws that impact the self-help repossession process.
The RecoveryConnect case management solution is complimented by MBSi’s compliance management system, VendorConnect. MBSi exclusively partners with RISC (Recovery Industry Services Company) who provides CARS continuing education and certification, onsite vendor inspections and vendor vetting solutions to lenders, forwarders and recovery agents. The compliance visibility secures lenders by adding a layer of protection throughout the recovery process.
New Business Insights Tool
MBSiQ is a business analytics tool designed to help you pinpoint best practices and identify gaps within your asset recovery and case management workflow. MBSiQ allows you to analyze your repossession data with cohesive analytics, connecting different data points rather than analyzing separate components. Our business insights team develops trend analysis and scorecards to help you see your business performance in comparison to the industry.
MBSiQ will allow you to:
- Create a rolling scorecard
- Analyze key metrics
- Evaluate successful asset recovery work distribution
- Use performance metrics to shift your strategy
My Reports in RecoveryConnect
Insights at your fingertips
My Reports in RecoveryConnect allows you to create ad hoc, customizable reports. Reports can be configured to display in a chart, graph or table and can be added to your dashboard for you to view when you log in. Additionally, reports can be easily shared with other users.
Simplify the fee request and invoicing process with Service Providers based on contracted rates and SLAs.
- Systematically ties the client’s contracted service fee to the case
- Set service rates based on pre-negotiated fees for services rendered based on the service type, e.g. involuntary repossession
- Contracted fees can be uploaded to your company profile in RecoveryConnect for automatic invoice generation
- Fee requests are auto-approved, declined, or in your review queue based on your thresholds
- Invoices can be automatically generated for your services providers as soon as asset recovery is completed
- Auto-approve invoices based on the set criteria and defined thresholds
- Manage approval queues and invoice escalation to meet your team’s needs
- Take action on an invoice or negotiate either the entire invoice or a single line item back to the service provider
- Eases the invoicing process for your service provider
Implement an LPR Strategy
Accelerate time to recovery by implementing a License Plate Recognition (LPR) strategy. LPR cameras detect and capture publicly visible license plates throughout the country.
The fully-automated LPR assignment management solution
- Automate creation and management of repossession assignments saving time and money
- Hosts LPR cases and data with secure updates
- Assignment status is updated in real-time (e.g. asset located and recovered with one vendor, closing all related assignments with other vendors)
- Removes the need to manually manage and monitor your LPR assignments
MBSi uses Switch in RecoveryConnect to allow lenders the systematic ability to place cases with vendors based on business rules they set up in a tier transfer process. Under this process, first placements can follow the lender’s business rules for vendor placement or the lender can choose to directly place assignments via RecoveryConnect or the import function.
- Set rules. With a few clicks, you can send 50% of your assignments to a new vendor or make sure all ACV>$10,000 are sent to your highest performing vendor.
- Determine the schedule. Do you prefer to leave cases open with a vendor for 10 days? What happens if you change this to 11 days? You pick the schedule.
- Measure performance.