Compliance....... Repossession Agent's New Ally
Compliance is quickly becoming the repossession agents biggest ally and most important marketing tool available. This does not only go for direct agents but also companies subcontracting work as well…. The Forwarding Company. Compliance should be a major building block in the foundation of your business. By staying in front of the ever changing compliance landscape you will have a leg up on the competition and be prime to land that game changing client.
What can one do to be proactive? First.....Always be training your employees so that they are in adherence to the correct policies and procedures. You want to be sure your staff is CFPB and GLBA trained and certified; you should be testing your staff bi-annually. Make sure that you have proper licensing and insurance in place. It is not the wild west from 10-15 years ago; without being proficient in all these areas there is a good chance you may lose yourself an important client or worse, lose the chance of adding that game changing client to your roster.
I know there are some agents out there saying that there is no need to worry about all of this CFPB hog wash, that is for the lenders to worry about! Well that is the furthest thing from the truth…….. The crack down on the lenders by the CFPB will trickle down to the repossession agent through the lender’s due diligence on compliance. We are seeing it happen already and I am seeing it first hand as a salesman for my company. The sales cycle continues to grow longer for me because the involvement of my client’s and prospective client’s general counsel or compliance mangers. The on boarding process gets longer all the time.
In conclusion…… If you want help with compliance there is help available; third party companies that will assist you at a reasonable price making sure your compliance is in order. So by investing time into compliance as an owner and by reaching out for help that is now available, it will set you up for the future success. Don’t be caught with your hand in the cookie jar and do the right thing for your employees and business by taking compliance seriously.
Adam Herbert
Bell & Williams Associates
VP Business Development
8 年Thanks Max!
Entrepreneur
8 年Adam, Great post!! There is no doubt that the industry has entered a new era dictated by compliance. There is no better gift given to the industry to elevate ones credibility. Proud of Bell & Williams commitment to risk mitigation through compliance and continuing education training.