Auto Finance Lenders Avoid Wrongful Repossessions with MBSi’s Recovery Connect Platform

Recovery Connect™ mobile app deploys timely and accurate information improving vendor communication and recovery compliance

Phoenix, AZ 11/29/2017 – MBSi Corp., leading provider of repossession assignment software, reduces wrongful repossessions for auto finance lenders with the successful deployment of Recovery Connect™, MBSi’s next generation recovery assignment management platform.

The Recovery Connect mobile app connects lenders with recovery agents in real-time allowing both to make decisions related to asset recovery, transport and remarketing regardless of whether the lender uses a direct or forwarding company assignment strategy. Often times, the recovery professional in the field is several systems removed from the lender’s collection system of record which causes an individual to manually enter crucial account information from system to system. Errors are easily copied from one system to another which creates compliance complications with lender’s downstream processes, such as sending the Notice of Intent to Sell and redemption forms. When coupled with delays, the lender is unable to recall a recovery in the field due to receiving payment and wrongful repossessions occur.

The CFPB Summer Supervisory Highlights (2017) recognized the importance of timely information and the use of “a system that requires repossession agents to verify that the repossession order is still active immediately prior to repossessing the vehicle, for example, through a specially designed mobile application for that purpose” (p. 6).

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Justin Zane, co-founder of Clearplan, confirms the improvements in data integrity and the importance of timely information for agents using Recovery Connect, “Our users immediately noticed the Recovery Connect data from MBSi was more accurate and could be confidently relied upon to make decisions in the field, which isn’t necessarily the case with the integrations from other platforms.”

“The success of the Recovery Connect deployment lies in the groundwork that was laid,” explains Cort DeHart, corporate strategy manager of MBSi. “For more than two years, MBSi worked with lenders, forwarders, skip tracers, routing platforms, LPR providers, transport companies and other vendors in the industry to make the necessary real-time web service connections that allows all participants in recovery process to have the same information at the same time.” Since deployment in May 2017, Recovery Connect has been adopted by more than 1,500 recovery companies, with more than 5,000 users using the mobile app daily. These users have now successfully completed more than 200,000 vehicle recoveries using the mobile app saving countless hours and improving recovery compliance.

“The Recovery Connect mobile app allows the agent to take pictures creating vehicle condition reports within minutes of the recovery which save us, as well as our agents, countless hours,” said Josh Elias, president of Del Mar Recovery, one of the nation’s leading forwarding companies. “For Del Mar, it is more than condition reports. It has eliminated wrongful repossessions caused by the delay in information passing through various industry software platforms. Regardless of the software system the agent uses, we can immediately update the field agent when our clients change an assignment status.”

In addition to preventing wrongful repossession, Recovery Connect opens up tremendous opportunities for the client to improve processes that have traditionally plagued lenders. Once a recovery agent recovers a vehicle, the information gathered in the mobile app enables the lender to start processing the recovery, verify storage location, send Notice of Intent to Sell letters, arrange for transport and optimize remarketing channels. Each process can be started within minutes, not days, of the recovery. Here are some of the unique features, and how they help lenders improve their processes:

  • Pre-Recovery Status Check: ensures that the field agent has the latest account status prior to recovery and restricts access to recovery capabilities if the assignment is “closed” or “hold.”
  • On Hook: Status that immediately notifies lenders when an asset is recovered and to not accept payment.
  • Storage Lot Validation: Directs asset to only be stored in an approved and inspected storage lot through MBSi’s integration with Recovery Industry Services Company (RISC).
  • Agent Compliance: Ensure that field agents who come in contact with consumers have proper training and certifications and block assignment access for any agency or field agent who falls out of compliance.
  • Quick Update: Recovery agents review and update assignment information. Updates are immediately sent back to the forwarder and/or lender.
  • Instant Condition Report: Images and data gathered through the recovery process produce a detailed condition report and photos available within minutes of the repossession.

To learn more about how Recovery Connect can streamline your data flow and eliminate wrongful repossessions, go to www.mbsicorp.com.