ARA and NFA merge into one trade association and ARMS & Relliance combine into one co-op
AUSTIN, Texas – Feb. 25, 2013 – American Recovery Association (ARA) and National Finance Adjusters (NFA) announced today they merged into one trade association known as ARA.
As part of the comprehensive agreement, American Recovery Management Solutions (ARMS) joined with Relliance, Inc. to form the largest industry-owned forwarding and facilitation company in the United States. The co-op will be named National Finance Adjusters (NFA).
The new trade association, ARA, will focus on monitoring, educating and training through certification programs and compliance training, legal representation, promotion of member and lender direct relationships, networking, and a captive insurance program. NFA, the co-op, will focus on a centralized assignment, communication and accounting, risk mitigation, advertising, trade shows, sales and RFP participation. Initially, members of the recovery industry received double-duty monetary concerns from all four associations. The convergence of a trade association and co-op will help counter the problem and build a stronger, united front to help better protect and represent its members.
The first order of business of this combined entity will be the announcement of a new compliance-monitoring platform that will serve the membership. As the CFPB continues to raise the bar on the lenders and their hiring of third party servicers, this platform will be the most important achievement for our members and our industry.
“Members of both associations, along with lending and recovery industry professionals, have long asked for this to happen and I am proud to be a part of this monumental and historic occasion,” said Jerry Wilson, president of NFA. “The history of these two associations are so intertwined that it makes the merger seamless. In addition, the merger of ARMS and Relliance into one co-op is a very important part of this agreement.”
The merger will combine 268 ARA and NFA members, and members will maintain their years of service and seniority. The benefits from both associations will allow members to expand their number of resources.
The home office of the newly formed ARA will remain in Dallas and the corporate office of the co-op will be located in Scottsdale, AZ. Membership into ARA will be required to join the NFA co-op.
“We are proud to take this step to create an organization that will concentrate on education, training and compliance monitoring, which is badly needed in today’s challenging environment,” said Mary Jane Hogan, president of ARA. “ARMS was created to offer clients a single contract and billing source, so ARA members could receive the maximum amount of revenue on an assignment. As we move forward, the new NFA will continue to fulfill this.”
American Recovery Association (ARA) is the world’s largest association of recovery and remarketing professionals. ARA members specialize in locating and repossessing collateral on behalf of lending institutions including banks, savings institutions, finance companies, credit unions, rental/leasing companies, and auto, truck and equipment dealers. A non-profit association, ARA members serve 27,000 national and international cities. All members are certified independent business operators. For more information, call 972.755.4755 or visit the website at www.repo.org.