A pair of users who have deployed Recovery Connect, MBSi’s next generation recovery assignment management platform, described the successes each one has enjoyed with the solution.
To recap, the Recovery Connect mobile app can connect finance companies with recovery agents in real-time allowing both to make decisions related to asset recovery, transport and remarketing, regardless of whether the finance company uses a direct or forwarding company assignment strategy.
Justin Zane, co-founder of Clearplan, confirmed 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,” Zane said.
MBSi explained the recovery professional in the field oftentimes is several systems removed from the finance company’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 finance company’s downstream processes, such as sending the Notice of Intent to Sell and redemption forms. When coupled with delays, the finance company is unable to recall a recovery in the field due to receiving payment and wrongful repossessions occur.
In addition to preventing wrongful repossession, MBSi highlighted that Recovery Connect can open up opportunities for the client to improve processes that have traditionally plagued finance companies.
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 can help finance companies 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 finance company.
• Instant Condition Report: Images and data gathered through the recovery process produces a detailed condition report and photos available within minutes of the repossession.
“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,” Elias continued.
The Summer Supervisory Highlights from the Consumer Financial Protection Bureau 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.”
Cort DeHart, corporate strategy manager of MBSi, reiterated why this tool can accomplish what the CFPB described and more.
“The success of the Recovery Connect deployment lies in the groundwork that was laid,” DeHart said. “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, 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.
To learn more about how Recovery Connect potentially can streamline data flow and eliminate wrongful repossessions, go to www.mbsicorp.com.