Insights Articles
Personal Property Practices – A Summary of a Recent Lender Survey
In the Fall of 2016, the Consumer Financial Protection Bureau issued their Supervisory Highlights which illuminated their opinions on the issue of charging borrowers for personal property inventory, removal and storage. Ever since, the lending and repossession world has been in a flux over how to manage the dirty, dangerous and unpleasant duty. To be…
Read MoreOptimizing Repossession Results Utilizing AI and Big Data
The characters in “The Wizard of Oz” ultimately learn that the items they had been seeking — courage, a heart, and a brain — were with them all along. They just needed to look inside themselves and realize the situations they had faced helped reveal those characteristics they thought they did not have. As Glinda…
Read MoreRecovery Challenges in a Post-Pandemic World
Emerging from the fear and panic of COVID-19, we find ourselves staring down the red-hot barrel of a post pandemic world. Inflation, material supply shortages and stubborn unemployment issues are present everywhere. The American economy is under strain, but for many in those industries who were struggling long before the scourge of COVID-19, these issues…
Read MoreRepossessions and Bankruptcy: What the Fulton decision means for turnover
Written by: Rudy Cerone at McGlinchey Original Source: https://www.autofinancenews.net/allposts/auto-finance-excellence/compliance/repossessions-and-bankruptcy-what-the-fulton-decision-means-for-turnover/ The February Supreme Court decision in City of Chicago v. Fulton was widely celebrated in the lending community because the court found that a lender who repossesses a vehicle before a borrower files for bankruptcy is not in violation of the “exercise control” provision of the Bankruptcy…
Read MoreRepossession Compliance & the Biden Administration: What Can We Expect?
President Joe Biden’s nomination of Rohit Copra, as the new Director of the CFPB, may bring new challenges to lenders, forwarders and agents if he is confirmed. All will likely have to navigate through intensifying regulatory challenges, according to Hudson Cook partner Eric Johnson, who described the confluence of factors coming together to create a…
Read MoreVendor Scorecarding Techniques to Improve Collateral Recovery Results
From our position as a national repossession management firm in the industry, we have been exposed to virtually every type of vendor scorecard model in use. Some of these models focus solely on recovery performance, while there are some that focus deeply and more diligently on regulatory/SOW compliance. Regardless of the depth of the scorecard…
Read MoreRemarketing Repossessions: Speed and Technology Makes a Difference
Source: https://www.monitordaily.com/opinion-posts/remarketing-repossessions-speed-and-technology-makes-a-difference/ Fast, effective recovery and remarketing of equipment tied to defaulted loans can make a huge difference in the net recovery on those loans. Fortunately, recent advances in recovery technology, valuation methodologies and remarketing through digital platforms are allowing lenders to recover and liquidate assets in record time and, in…
Read MoreThe Growing Concern Surrounding Redemption Takebacks
As American Recovery Association (ARA) Executive Director Les McCook summarized the situation of takebacks, “it’s a can of worms.” “For many years, if we picked up a car in Waco, Texas, they moved it to an auto auction in Dallas and people had to go to Dallas to get their car back. It was no…
Read MoreAre Your Repossession Agents Properly Insured?
Source: Monitor Daily There are few actions that a lender takes that have more potential for legal or damage claims than a vehicle or equipment repossession. Ensuring that your service providers have the right types and amounts of insurance coverage is critical to managing the risk. While your contracts may be clear that…
Read MoreRepossessing Collateral? Know Your Repossession Agent
Source: https://www.equipmentfa.com/blogs/31333/repossessing-collateral-know-your-repossession-agent Anytime you must repossess collateral, the lender assumes meaningful risk. Involuntary repossession, by definition, is often a hostile situation that can lead to a host of problems. Given that courts have found repeatedly that lenders are responsible for the acts of their sub-contractors, it is critical that your organization ensures that repossession…
Read More