In the world of auto-repossession, multiple system interfaces are causing a game of “data telephone.”
Recovery data is in trouble.
Do you remember the game of telephone? I may be dating myself, but it always amazed me how “Forward troops advance” turned in to “Bring cake to the dance” in as little as 3 conversations. In the world of auto-repossession, multiple system interfaces are causing a game of “data telephone.” This game has not been an enjoyable one for lenders and agents alike. Key service level agreement (SLA) data points are becoming muddled for the lender in a variety of ways, whether through misspellings or fat-fingered data. Even worse, a lack of real-time account status data transfer can lead to wrongful repossessions resulting in frustrated customers and agents.
This along with critical data points, such as incorrect dates, can translate to real problems for lender processes. Agents are feeling the effects of these issues too as they try to avoid accidental repossessions based on stale data. Both sides suffer as multiple data channels cause poor task management and further data complications. Sounds pretty catastrophic, doesn’t it? Well the Consumer Financial Protection Bureau (CFPB) thought so too. After examiners found that vehicles were being wrongly repossessed, the CFPB’s 2017 Supervisory Highlights stated:
“Supervision directed the servicer(s) to stop the practice. In response to our examiners’ findings, the servicer(s) informed Supervision that the affected consumers were refunded the repossession fees. The servicer(s) also implemented a system that requires repossession agents to verify that the repossession order is still active immediately prior to repossessing the vehicle, for example, through a specially designed mobile application for that purpose.”
Mobile technology is here to save the day.
As recognized by the CFPB, there’s a solution. The integration of MBSi’s Recovery Connect mobile application into agents’ own technology allows companies to implement task management software that communicates in real-time with the lender through a secure data channel.
The best part is that agent companies and lenders can forgo the hefty investment for new equipment; the mobile technology assimilates right into the users’ current mobile devices or existing tablets. This means the latest in security technology, secure data transmission with end users, and cost savings throughout.
Recovery Connect works with iOS and Android devices to give the agent a direct link to the lender, and the app has handled over 150,000 repossessions to date. With over 5,000 users and gaining traction, Recovery Connect’s real-time communication between the lender and the agent allows for each party to get the current assignment status as the lender is in the first data position with the agent rather than being farther down the communication line. The task oriented workflow allows the agent to manage key SLA items and report directly to the lender, ultimately reducing clicks on the way to closing the account.
The results are real.
When data is recovered through mobile technology, both lenders and agents reap the benefits.
- Gather better data, allowing for a reduction in unneeded addresses
- Make sure all SLAs are followed consistently and reduce key actions being missed in the process
- Increase data collection and analytics to improve assignment placement with the agent
- Focus on addresses and processes, instead of paperwork
- Systematically monitor key SLA items on accounts
- Reduce full-time employees’ overall workload by transferring data in real-time
- Utilize any existing tablet or smart phone to avoid large cash outlays
And both will benefit from fewer wrongful possessions, a common goal for everyone in the industry.
If this sounds as great to you as it does to us, you can learn more about MBSi’s repossession assignment distribution and management software solutions at www.MBSiCorp.com. Or visit our booth at RepoCon, where we’ll be talking about the latest and greatest in our product suite.