Vendor Transparency Solutions (VTS) recently enhanced relationships with two of the repossession industry’s largest organizations — Allied Finance Adjusters (AFA) and Time Finance Adjusters (TFA) — in order to provide regulatory compliances services for agents.

AFA and VTS through its ongoing partnership announced the integration of the Allied Finance Adjusters vetting portal and the VTS online platform. AFA now can order inspections monitor applicants and current members of Allied through the VTS platform.

Officials explained this new capability will simplify the vetting process of the association and allow the AFA to store compliance documents regarding each and every member.

They went on to highlight this procedure will also put every AFA member that utilizes VTS Professional/Basic in front of each finance company that utilizes the VTS platform and give them an equal opportunity to service these institutions upon request.

Allied Finance Adjusters second vice president James Osselburn added this technology will give the AFA an ability to bring more than 300 compliance trained recovery and bonded professionals to the eyes of every finance company that works with VTS’ compliance monitoring software.

“The industry has been changing over the past few years along with regulation, requirements and expectations,” Osselburn said. “Allied Finance Adjusters has been evolving along with many of our clients to provide the most up to date business tools to keep our members, their companies and employees informed to these ongoing changes.

“We will continue to be the leader and through our partnerships like VTS. We can stay ahead of the curve that is the political environment we do business in today,” Osselburn went on to say.

Osselburn also mentioned Allied Finance Adjusters has so much confidence in the VTS platform that the organization will waive the application fee of $300 for any VTS member that wishes to join AFA for the remainder of the year.

TFA offers compliance membership incentive

In order to expand the geographical reach further as well as bolster compliance with requirements ordered by the Consumer Financial Protection Bureau, Time Finance Adjusters is offering a substantial discount to new applicants who are current VTS subscribers.

TFA is offering a 25-percent discount for all listing fees for the first year of TFA membership to VTS subscribers who are not yet part of the TFA network. Officials emphasized this promotion also would be an inducement for those agents considering joining a national association, and also requiring high-level CFPB compliance, to join both organizations at a substantial discount.

“Time Finance Adjusters is proud of its affiliation with VTS, an organization created and founded by former TFA board of director Max Pineiro, and is pleased to cooperate with VTS on this offering, which will greatly benefit both the repossession and the lending community.” Time Finance Adjusters president Patrick Altes said.

Already thoroughly vetted by Vendor Transparency Solutions, company president Max Pineiro highlighted VTS subscribers represent the type of high caliber recovery experts that Time Finance Adjusters desires to be part of its existing national and international network.

“TFA has an unbroken track record of providing key critical information, continuing education, and business promotion for the repossession industry,” Pineiro said. “This strategic partnership allies the best CPFB compliance organization with the America’s most prestigious auto recovery network.

“Compliance monitoring is the single most important tool needed by third-party repossession agencies in today’s new era of regulatory compliance,” he went on to say. “It is an honor to be recognized by Time Finance Adjusters as an industry leader in compliance monitoring.”