EDITORIAL
Yesterday I published a quick editorial on a pair of photos of a check received by a repo agency, who obviously wishes to remain anonymous. The chain of custody for the check is unclear at this time.
The point of the post was to illustrate the disparity in appropriate compensation between lenders and forwarders which is the cause of the 1980’s price environment. The circumstances surrounding the source of the remittance, that the agent received, isn’t as important as this disparity.
Shortly after starting this website in 2010, I started writing about legendary forwarder Renovo. In that process I, as I do, took some jabs at them. To soon found myself in conversations with David Cowlbeck, a Renovo Executive who I had expected to threaten me or at very least respond angrily. To my surprise, we had great conversations on the forwarding topic, the problems of the fractured repossession industry and strategies they employed in their offices.
Years later, after CEO Kevin Flynn’s passing, Renovo was sold and became the industry behemoth that is Primeritus and David began a different path, Loss Protection Services, which he developed into a very successful SOC 2; Type 2 certified collateral recovery brokerage company serving many large lenders nationwide with a first-rate reputation in the industry.
David contacted me shortly after the post to understand where the information / images came from. David went on record to state “Loss Prevention Services maintains a unique address for payment processing to assure that remittances are received and processed with efficiency and effectiveness by a small group of long term, highly qualified employees averaging over 4 years employment with LPS. As a SOC 2 company we have clearly documented and 3rd party audited processes to maintain data integrity and security which are only 2 of the 5 disciplines LPS is measured on to assure we provide excellent service at the point of contact and in the back office.”
When I published this, I have to admit, it never dawned on me that anyone would think any less of my friend, LPS President and CEO, David Cowlbeck or LPS itself. Apparently, I misjudged and owe David and LPS an apology. The previous post was not intended to apply and shade upon LPS, but on the aforementioned disparity in appropriate compensation between lenders and forwarders.
My apologies,
Kevin Armstrong
Editor
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