CARMEL, Ind. -

With the Consumer Financial Protection Bureau intensifying its regulatory aim at the auto finance industry, Recovery Database Network (RDN) is launching a new technology product called VendorVision, which aims to help lenders efficiently and transparently manage third-party vendor compliance.

RDN highlighted VendorVision is a secure, Web-based compliance management platform. Organizations can define their compliance standards, manage documentation, deploy training materials, track the performance of contractors and agents and assign tasks within the system to assure compliance.

Because it’s Web-based, RDN indicated all documents are stored securely yet accessible online with a clear audit trail and detailed reporting capabilities. And, unique to VendorVision, it is integrated with RDN.

Should a vendor fall out of compliance with the lender’s requirements, repossession assignment volume can automatically be restricted or halted until the issue is remediated.

“We understand that CFPB regulations place a huge burden on our lender-clients. It’s an industry-wide concern,” RDN president Zach Hallowell said. “VendorVision takes the weight off. The user-friendly interface automates and simplifies the management of tasks associated with the repossession process.” 

Hallowell also pointed out that VendorVision product is a resource for contractors and agents, too. After creating a vendor profile, an agent can receive and update remediation task status online.

Because the process is transparent and automated, lenders and vendors know they are aligned — and in compliance.

“Lenders have been pushing for this product,” said ADESA chief executive officer and president Stéphane St-Hilaire. “One of our top customers chose to work with RDN to create this interface because our skilled programmers know the industry and the process. It’s another example of RDN providing technology solutions for our industry partners.”