Archive for the ‘Recovery Industry News’ Category
The following is a guest post by Alex Price.
MasterFiles is proud to present a FREE webinar broadcast on the Three Types of Tracing. You can view the webinar Wednesday, December 18 – Friday, December 20 at 1:30PM or 2:00PM CST.
In this class, we will cover the three types of tracing: Micro-Tracing, Macro-Tracing and Skip-Tracing. Before you move forward in your process, it’s important to understand where you’re going and why. (more…)
The following is a guest post by Alex Price.
Greetings from the great state of Alabama – Roll Tide Roll!!
Today, we’re going to cover an important topic – the three types of tracing. So you ask, why all these threes? The number three is generally attributed with a meaning of completeness: A beginning, middle, an end. Birth, life, death. Past, present, future. Sun, Moon, Earth. Two lines cannot connect without a third line to form the heavily symbolic triangle. Notwithstanding the obvious allusion to the Holy Trinity in Christianity – religions of many varieties are chock full of occurrences of threes. And, when have you ever heard a Genie offer less than three wishes? Oh yeah, one helpful bit of advice when you’re outside: “Leaves of Three: Let them be!” (poison ivy) (more…)
Rick Newman is a writer and blogger on The Exchange, a Yahoo Finance blog. He recently interviewed Executive Director, Les McCook, about the recent trends of the recovery industry. His original blog post can be found here.
If the repo man knocks on your door, it will probably be a bad day for you. But it might reflect good news for the auto industry. (more…)
In an attempt to clarify some misunderstandings, and add factual information to the discussion, ARA is addressing the new requirements placed on the lending industry (the banks) by the CFPB that are also affecting us as third party service providers.
Lenders have been forced to make these changes because of what the law requires of them. This is not some arbitrary set of requirements that some vendor department thought up and placed on us. To be compliant, the lenders that hire us must adhere to the rules placed on them by the CFPB and the federal government. The CFPB has issued a bulletin numbered 2012-03 that is available to you to read so you, as a businessman, can understand compliance from the CFPB’s own directive. I am aware that each lender will develop its own risk-mitigation standards, but they will be based on this published directive.
Hostile blog posts and over-emotional comments about the banks are just showing how out of touch some people are with what is happening in their own industry. In many cases, I find that it looks like these attacks are on the “messenger” and not the authorities at the upper levels of the lender that made the decision. I am sure that almost all of these edicts are being handled at the senior compliance officer level and not at the recovery vendor manager level. I do not see where it is helpful to our industry’s image to attack those that are, many times over, trying to help us. Frankly, it makes us look unprofessional – which is the opposite of what we pride ourselves in being.
ARA strongly suggests that all agencies get a copy of CFPB third party servicing rules, and read them to see where/how they apply to you. If you have a lot of extra reading time, take a look at the CFPB act (Dodd-Frank) to get a taste of what our clients are up against. Hopefully, you, as an agency owner, will see why we have to become verifiably compliant. It’s not the lenders, as stated earlier.
Those who choose to say no to compliance verification services will only make it better for those of us who are willing to comply. The banking community has no say in this; it’s the Federal Government that’s dictating these laws. This is something we, as recovery professionals, need to get on top of – not fight or push against it. We should own it, embrace it, and we will prosper from it. Those who choose not to comply give their client no alternative but to find an agent that has become verified compliant.
I am proud that ARA has recognized the need for compliance training and verification and is working quickly to provide a solution from which our members will benefit. The track we are on now will only lead to more splintering within our industry and an increased financial burden on agency owners.
ARA Past President
Dear ARA Member-
Since the announcement of the ARA and NFA merger and the combining interests of the ARMS program and Reliance CO-OP, we’ve been asked many questions from the membership. The purpose of this post is to clarify some important points.
In a CO-OP, each member is an equal owner with an equal say in the direction of the business. The ARA Board negotiated a deal so that every ARA member has a 90-day window to have their initial $2500 investment in the new NFA matched with a similar $2500 investment from the old NFA treasury. This allows everyone to be an equal investor in the CO-OP with a similar investment of $5000. In order to take advantage of this matching program, you must sign up by August 13. (more…)
As you have been reading lately, there are many changes happening in our industry. This is the year of change! It is incumbent for all associations to step up and support their members in every possible way. There are various new vendor contracts being circulated for our members to consider. The time has come to create industry unity to change the unfair nature of many of these contracts.
It is not the place of a trade association to state which contracts to sign or not sign. However, it is our belief that we should make you aware of the concerns that have been expressed by fellow members and your peers in the recovery industry. In the past, we gathered and distributed important industry data that would enable all to make better decisions. However, despite evidence that fees should not be driven down any further, the message seemed to fall on deaf ears. Perhaps we need to change our strategy and decide as an industry, it is time to say “NO.” (more…)
Recovery and Lending Professionals Wanted for April 2013 Event
Dallas, TX – November 1, 2012, American Recovery Association, Inc. (ARA), the world’s largest association of recovery and remarketing professionals, is proud to announce the call for speakers is now open for its fifth annual industry event, the North American Repossessors Summit (NARS) on April 26–27, 2013.
OCTOBER WEBINAR SERIES OFFERS LATEST IN RECOVERY LAWS AND REGULATIONS, COMPLIANCE AND POLICIES, AND INDUSTRY BEST PRACTICES (more…)
The following announcement is from Alex Price, an expert in skip-tracing. (more…)
Did you miss attending NARS this year? Check out the video below and make plans to attend NARS in 2013!