The Repossession Industry's Top Organizations Stepping Up to Help Agents With Compliance

We all know and understand the importance of compliance in today’s repossession industry. If you are a forwarding company or direct agent that aspires to work with top lenders, you are going to want to make sure that your company is fully compliant. It is not easy to stay on top of today’s compliance demands and for many it can be very problematic. Luckily there are organizations that have surfaced to lend a helping hand by standardizing compliance programs for repossession agents.

According to Subprime News, two organizations that have recently partnered to help standardize compliance programs for agents are the American Recovery Association and National Automotive Finance Association. They have created a baseline list of compliance requirements for agents to abide by and have also helped to streamline the process of third management. The goal is to help all agents meet the compliance demands of their clients and to also reduce the costs associated with third party compliance management.

This it truly great news for all agents as competition will drive down the costs of third-party assistance, which is not cheap. Continuing education is one area in which agents now have a growing number of options. Continuing education is an absolute must for all agents today. Lenders want to know that agents are being tested annually, and in many cases want to see proof. CE courses are now being offered by companies such as RISC, RST, VTS, ARA, and RSIG.

It is great to see the industries top organizations step up to help out with today’s compliance demands; we can all certainly use the help. It is a major undertaking for repossession companies to stay on top of their compliance requirements, but luckily there are now cost-effective alternatives that we can turn to.