Repossession and skip-tracing services provider Loss Prevention Services (LPS) announced on Thursday that the company has chosen MBSi Corp. as its assignment and compliance management solution.

Throughout the year, LPS said it will transition its assignment management platform to Recovery Connect (RC), MBSi’s next generation assignment platform. 

In addition to adopting Recovery Connect, LPS also has chosen to adopt MBSi’s Compliance Made Easy (CME) suite of compliance platforms, as well as MBSi’s full vendor compliance management services.

The company explained this decision allows LPS to integrate assignment and compliance management into one system so clients can gain added transparency and analytics for improved results.

LPS said it strives to maintain the highest compliance standards in the industry, both internally and with its national vendor base.  With this announcement, the company added that goal has been taken to a new level.

LPS highlighted the combination of RCM and CME not only provides line-of-sight into the compliance status of each agent, but also ties compliance standards down to the assignment level to ensure that vetted, trained, and qualified agents service each assignment. 

In addition to improving compliance for its vendors, LPS will now be able to provide its clients with real-time transparency and data analytics. With RCM Recovery data, condition reports and client updates will be instantly available to LPS clients, providing the critical information and analytics necessary to make timely decisions regarding collateral.

“We have partnered with the MBSi team and their RCM & CME products to move Loss Prevention Services and the industry forward,” said David Cowlbeck, president and chief executive officer of LPS who noted that he has spent more than 20 years in the industry using every system, including proprietary internal systems.

“MBSi’s progressive solutions facilitate our vision of utilizing the latest technology to make the collateral recovery process more productive for our clients and vendors,” Cowlbeck said. “We look forward to continuing our quest to be a consultative resource to lenders and the agencies we work with to provide excellence in service, compliance and growth.”

Cort DeHart, manager of corporate strategy for MBSi, elaborated more about the background between the two companies.

“I have had the good fortune to work with David for many years, and am very excited to be able to offer these products to LPS,” DeHart said.

“David and his team at LPS understand and appreciate the vital role that technology can play in running a recovery business,” DeHart went on to say. “We look forward to providing LPS with the right set of tools to do the job they do best.”

In addition to adopting the MBSi solutions, LPS also has chosen to increase training and education for all of its internal employees and vendor network. LPS picked Recovery Industry Services Co. (RISC).

RISC offers CARS (Certified Asset Recovery Specialist) training program that can allow LPS to provide its agents with continual education on the ever-changing compliance requirements of the vehicle repossession industry.

Because MBSi is fully integrated with RISC, LPS said it will be able to verify CARS certification in real time on every assignment.