29 September 2017 – Through a memo circulated last week, it appears as though Santander has extended their deadline for CARS certification to November 1, 2017 from its prior deadline of October 1st. The memo states that a formal notice of this is pending from Santander themselves. Included in the memo is a request to identify agencies who have refused to comply the certification mandate for the purposes of identifying gaps in coverage.
Washington, DC – 12 September 2017 – In a report published September 12th by the Consumer Financial Protection Bureau (CFPB), titled the “Supervisory Highlights, Issue 16, Summer 2017”, the CFPB released their findings from examinations of “servicers” overseeing repossession agents and how repossessions are conducted. Through that work, they identified unfair practices relating to repossessions that had been causing wrongful repossessions of borrowers who had already brought their accounts to current statues.
What is going on in the repossession industry? For years we have been pushed around, dictated to, coerced by false information, and downright bullied. But Enough is Enough!
The Council of Repossession Professionals (CORP) can no longer stand back and discuss the issues. We have to get out front and disseminate all the information we can to you, the hardworking, professional recovery agents and owners, with a belief that you can make informed decisions.
Are you being contacted by clients you have not heard from in years, or even clients you have never heard of? There seems to be a scurry of inquiries about our services all around the nation lately. Could this mean clients are becoming disenchanted with the forwarding model that took over not so long ago? Have lenders finally figured out that with all the forwarding companies out there, regardless of which one they choose, they are still getting the same sub-standard cheap agents over and over again?
So let’s look at some of the different flavors:
Lansing, MI – November 18, 2015 – The ongoing legal wrangling over PAR North America’s attempts to carve themselves out of the Michigan Licensing and Regulatory Affairs (LARA) ruling from March 2015, continues. Transcripts of their November 18th appeal hearing reveal a failed attempt on their part to have themselves removed from being defined as a collection agency in order to avoid punitive damages and administrative and auditory control by the LARA.
A recently released federal case in the Ninth Circuit may have a dramatic effect on the repossession business in the states of Alaska, Arizona, California, Hawaii, Idaho, Montana, Nevada, Oregon, and Washington.
Chicago, IL – August 13, 2013 – 46 year old former CEO of the much reviled Renovo Services, a major national repossession forwarding company, was cycling near his vacation home in Chikaming Township, MI, when he was struck and killed by a a car driven by a 67-year-old woman was around 5 p.m yesterday.