New Program Helps Repossession Companies Comply with CFPB Regulations

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Compliance Made Easy™, released by developers of the Re-Pros and iRepo software suites, offers specific tools to help recovery companies comply with new CFPB guidelines –

Press Release

PHOENIX, AZ (April 2, 2013) – MBSi Capital, the developers of the Re-Pros and iRepo repossession software suites, has developed a new program that makes it easy for repossession companies to become and remain compliant with a variety of new government mandates.

The Compliance Made Easy™ program addresses three key areas—Complaint Tracking, Recurring Training and Vendor Vetting—where repossession companies are soon likely to be receiving additional requests from their financial institution clients, especially those regulated by the Consumer Financial Protection Bureau (CFPB).

Compliance Made Easy includes two industry-first products from MBSi called Vendor Comply and Training Comply. It also features partnerships with companies such as RISC to provide Vendor Vetting. The program comes at a time when the repossession industry is facing unprecedented regulation, where non-compliance can result in substantial loss of revenue.

MBSi President John Rhodes says, “There’s a lot of confusion in the repossession industry about what companies need to do to be in compliance. Third-party vendors are looking for solutions and in many cases find themselves with more questions than answers.” Rhodes continues, “Compliance Made Easy takes the guesswork and cost burden out of recovery company compliance — it makes it simple to become and remain compliant in three easy steps. What’s more, MBSi is offering this product at an extremely low cost so as not to burden the vendors with additional expenses at a time when margins are being squeezed to the breaking point.”

The CFPB has begun examining the financial institutions it regulates, and one of the areas that is being closely scrutinized are the institution’s relationships with third-party service providers, including repossession companies. Financial institutions must be able to provide documentation of the compliance and consumer protection procedures being implemented by their third-party service providers. As a result, repossession companies are now facing increased compliance burdens when servicing their financial institution clients.

The Vendor Comply Complaint Management System™ automates consumer complaint tracking and management in conjunction with a vendor’s internal assignment management software. The Training Comply Compliance Testing System™ allows lenders and vendors to create compliance and training tests, and automate test administration. Both products are available as part of the Re-Pros and iRepo repossession software suites, or as stand-alone products for use with a service provider’s current system of record.

These two industry-first products were developed to answer two key elements of CFPB regulations: Consumer Complaint Management and Recurring Training. Additionally, each participating vendor will have access to MBSi’s Compliance Liaison to help answer all questions regarding specific aspects of lender-required vendor compliance.

“This compliance solution is exactly what the repossession industry needs, and it’s coming at just the right time,” says RISC U.S. President Stamatisrisc_logo Ferarolis. “Compliance Made Easy solves what is currently a critical issue for companies in our industry, and RISC is very excited to be a part of the program.”

For more information on the Compliance Made Easy program, please visit Comply-ez.com or call MBSi Capital at 602-864-7847. For more information on Vendor Comply, please visit Comply-ez.com/VendorComply, and for more information on Training Comply, please visit Comply-ez.com/TrainingComply.

 

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About MBSi Capital

MBSi Capital Corp. was formed in 2003 to provide the repossession service industry with cost effective, easy-to-use, repossession software solutions that maximize the return on technology investments. For more information on MBSi Capital, please visit mbsicapital.com.

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