ALS Resolvion is reinforcing its commitment to being a mobile company, citing two specific reasons for an updated strategy.
The provider of national repossession management services recently announced that it has fully implemented what the company believes is the industry’s first “mobile only” policy.
Under this new policy, ALS Resolvion said it will provide involuntary repossession assignments only to repossession agencies that are deploying mobile technology at the repo truck level.
The company explained its “mobile only” policy is intended to address two of the most challenging remaining compliance issues surrounding the repossession process:
1. The ability to communicate changes in case status in real time down to the repo truck level.
“Many of the unintended repossessions that take place today are the result of a lender closing a repossession assignment but notification of that change does not make it to repo truck driver before the vehicle is recovered,” ALS Resolvion said in a news release. “This specific issue has been a key focus of the CFPB as it reviews lender repossession practices.
2. When a vehicle is repossessed, the finance company needs to know immediately in order to update its records.
“If a customer makes payment before the lender knows the car has already been repossessed, problems can ensue,” ALS Resolvion added. “Real-time communication of the repossession helps mitigate this risk.”
ALS Resolvion chief executive officer Michael Levison elaborated about this decision.
“For the first time, regardless of the repossession management system a lender uses, we can provide real time communication to our entire agent network down to the truck level,” Levison said.
“This is the first time that a forwarder has been able to offer this capability to lenders and it could only be accomplished through a series of complex integrations between multiple systems that we have now completed,” he continued.
ALS Resolvion repossession manager Danny Mullen added, “The issue of unintended repossessions is at the top of the priority list for regulators that monitor repossession activities.
“While our mobile only policy does not necessarily guarantee that there will be no unintended repossessions due to communication gaps, it is a big step in that direction,” Mullen went on to say.