Transparency: Innovation At Its Best… “What You See Is What You’ll Get”
Because of the significant role now being played by the Consumer Financial Protection Bureau (CFPB) throughout the entire auto finance industry, the repossession and remarketing industries are moving at warp speed to keep pace with imposed rapid-fire regulation changes. At no time in previous history has a government regulatory agency become so involved with protecting the U.S. consumer against predatory and/or unfair lending acts or practices of financial lending institutions. The long reach of the CFPB and its pervasive deployment of “compliance” regulation has trickled down into the deepest chambers of auto lending and have now found its way into audit-review of the do’s and don’ts of repossession servicing. One wouldn’t have to look too far to find a willing recovery industry protagonist make reference to the age-old saying… “This is not your father’s repossession industry”!
At ENDTRUST, we have committed ourselves toward creating an entirely new lane in 3rd-party national repossession servicing. One that seeks out and challenges itself in every facet of workflow modeling where either systems technology or automation replace risk exposure associated with and inherent to the fragile susceptibility of human error. A CFPB Standard of Excellence Compliance working platform within the recovery industry is no longer a “love-it or leave-it” proposition. Compliance, as now being required by the CFPB, is here to stay and will only increase its impending demands as time goes on. From ENDTRUST’s perspective, it’s fairly simple… 3rd-party repossession servicers either conform and get out in front of the compliance chasm and lead, or get out of the way and watch from the sidelines as the convergence of industry changes ushers in a new and improved breakthrough model. Indeed, this is no longer your father’s repossession industry… “this is the new generation of repo servicing”!