Charlotte, NC – Resolvion (formerly ALS Resolvion), a leading provider of national repossession management services, today announced that it has fully implemented the industry’s first “mobile only” policy. Under this new policy, Resolvion will provide involuntary repossession assignments only to repossession agencies that are deploying mobile technology at the repo truck level.
The “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. This specific issue has been a key focus of the CFPB as it reviews lender repossession practices.
(2) when a vehicle is repossessed, the lender 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. Real time communication of the repossession helps mitigate this risk.
“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. 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”, says Michael Levison, CEO of ALS Resolvion.
“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”, says Danny Mullen, Repossession Manager at Resolvion.
Resolvion provides nationwide skip trace and repossession management services to consumer and commercial lenders of all types and sizes. Through cutting-edge skip tracing techniques and an obsession with compliance, Resolvion is totally focused on delivering its clients better results and lower risk. For more information visit, https://resolvion.com.