Press Release
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.”
About American Recovery Association, Inc.
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.
Is anyone concerned about the amount of a “sole” interested party that is involved in this transition. My understanding is that several potential board members being added to the current board of the ARA are coming from the same company. Although these individuals can possibly bring good talent to the table, they may not necessarily represent the best interests of the industry as a whole. One main goal of this conglomerate is to best provide opportunities for the many companies it represents. Again, lets be careful and ask the necessary questions to make sure our elected officials are appropriately assigned.
Wow, joining the associations together sounds like a great industry move. Have the details been worked out?
This is a step in the right direction…if we can all get on the same page it will be even better yet…
This is the type of progress this industry has needed. Unity of the associations is long over due. this merger of both ARAand NFA along with the merger of Reliance and ARMS is going to show what a determined group of PROFESSIONAL repossessors can offer the lending community. No other form of outsourcing collateral recoveries will be able to compete with this. The lending community is going to have reinforced to them that WE the PROFESSINAL agents in the field have been and always will be the true answer to their recovery needs. The lenders have said, they needed a centralized center for distribution and handling of accounts and that was the main reason for the forwarding model, well now they have all of those functions and the most informed ,educated,and motivated managment team in the USA. Along with the best of the best recovery agents after all we in the field are the ones that did all the work not the forwarders. We are the ones with the expertise,we are the ones that locate and then provide hassle free recoveries. Lenders take note this is the dream you have been waiting for.