Solutions by Text Applauds CFPB For Forward-Thinking Proposed Debt Collection Rule

Solutions by Text wants to applaud the Consumer Financial Protection Bureau in understanding the popularity of communicating via text message and incorporating that communication channel in its proposed rule implementing the Fair Debt Collection Practices Act.

The CFPB earlier this week released its proposed debt collection rule to update and amend the FDCPA, which was initially enacted in 1977 and, in fact, references telegrams and collect calls. The FDCPA does not currently include any provision that explicitly governs the use of digital technologies, such as text messaging and email, despite the widespread popularity that both channels share among consumers.

Under the proposed rule, debt collectors would be able to communicate with consumers via text messaging when following specific steps and taking necessary precautions to ensure consumers can opt-out from receiving future communications via an electronic channel.

“Solutions by Text is excited with this new chapter in the evolution of debt collecting,” said Danny Cantrell, the company’s Chief Executive Officer. “Text messaging is such a common communication platform and lends itself to giving consumers an easy way to interact with debt collectors and make payments. We are hopeful that what the CFPB has proposed this week is ultimately included in a final rule.”

Collection agencies may be more likely to use digital technology channels like text messaging following a proposal from the CFPB to limit the number of calls and conversations that collectors can have with consumers.

“Communicating and making payments via text messaging allows consumers to take care of business on their own time, according to their schedule,” Cantrell said. “Consumers don’t have to wait for a phone call; this proposal gives consumers more power to manage their finances and allows consumers to conduct business using a communication platform that sees billions of messages sent every day.”

Solutions by Text is excited at the prospect of working with the Consumer Financial Protection Bureau as it seeks to help modernize debt collection and align consumer communication preferences with compliant processes and procedures.

Solutions by Text (SBT) is a division of Marketing Response Solutions, LLC, a privately held corporation whose primary focus is global delivery of critical information in an SMS format. SBT is a premier partner on the US Short code registry and has developed proprietary software designed to adhere to regulations within the mobile device industry.

For more information regarding products and services offered by Solutions by Text you may contact us at 800- 979-1212 or visiting www.solutionsbytext.com.

DIMONT Offers Enhanced Insurance Monitoring Service

Ensuring Continued Coverage of Collateral Vehicles for Auto Lenders

 DIMONT, a Dallas-based provider of insurance claims adjusting and collateral loss mitigation services to the residential mortgage and auto lending industries, announced it is offering auto lenders an enhancement to its insurance monitoring service, enabling alerts to lenders when insurance changes happen on performing loans.

DIMONT’s base level Insurance Monitoring Service keeps track of insurance renewal, cancellation, payment and policy change data to enable insurance recoveries in the event of repossession. The enhancement to this service, which DIMONT has been testing with select clients, provides data alerts to lenders when these types of insurance changes occur throughout the lifecycle of the loan. This information enables them to automate the insurance verification process on newly funded loans, improve servicing strategies and scoring models, and identify high risk insurance events on active loans. Lenders may then reach out to borrowers about issues such as unprotected collateral.

“DIMONT’s Enhanced Insurance Monitoring Service helps lenders be proactive with their customers when the data indicates that the collateral may not be appropriately insured,” said Denis Brosnan, president and CEO of DIMONT.

 

American Bar Foundation Names Hudson Cook
Co-Founder Thomas Hudson as Fellow

Tom Hudson, co-founder of Hudson Cook, LLP has been accepted as a Fellow of the American Bar Foundation (ABF). The Fellows comprise a global honorary society of attorneys, judges, law faculty, and legal scholars whose public and private careers have demonstrated outstanding dedication to the highest principles of the legal profession and to the welfare of their communities.

 

Tom is a founding partner of Hudson Cook, now Of Counsel to the firm, and has practiced consumer financial services law since 1973. He has focused his practice on matters relating to vehicle sales, financing and leasing, and his clients include captive foreign and domestic auto finance companies, major banks and independent finance companies, trade associations and companies who supply services to the auto finance and lease industry. Tom has written several books dealing with legal issues in the auto business, and is the co-author of CARLAW® F&I Legal Desk Book, now in its 8th edition released earlier this year. He has been recognized in Best Lawyers in America©since 2009 and has been nationally ranked in Chambers USA. He has received Lifetime Achievement Awards from the American Financial Services Association and the American College of Consumer Financial Services Lawyers and has been named to the National Independent Automobile Dealers Association Ring of Honor.

 

Membership in the Fellows is limited to one percent of lawyers licensed to practice in each jurisdiction. Fellows are recommended by their peers and elected by the Board of the American Bar Foundation. Fellows demonstrate that they value ABF’s research on the understanding of law and its impact on society.

AUL Corp Now A One-Stop F&I Shop For Auto Dealers Nationwide With Launch of Gap Coverage and Suite of Expanded Insurance Products

The Nation’s Premier Vehicle Service Contract Administrator Now Provides Dealers With A Path to Increased Profits with New Suite of Finance & Insurance Products

AUL Corp. (AUL), the nation’s premier vehicle service contracts (VSC) administrator, is launching a new suite of F&I (finance and insurance) products on May 1, 2019, announced Jimmy Atkinson, AUL Corp.’s President and CEO. As F&I products increasingly comprise a large percentage of an auto dealer’s profits, more than 2x than on the actual vehicle sale in 2018 according to J.D. Power, AUL now gives dealers nationwide a one-stop shop for all of their F&I needs.

AUL Corp.’s New Products

  • GAP Coverage
  • Theft
  • Pre-Paid Maintenance
  • Key/Fob Replacement w/Roadside Assistance
  • Scratch
  • Tire & Wheel
  • Windshield
  • Interior & Exterior Appearance
  • Paintless Dent Repair

According to Atkinson, “Some of our largest agents and dealers have been asking us for years to expand our F&I offerings beyond VSC’s, but we have always remained true to our long-time commitment of providing the best Vehicle Service Contracts, with the best coverage, and the best customer service. After nearly 30 years of delivering the very best VSC options, this singular focus has served us extremely well. But with our steady growth and a recently launched underwriting system which allows us to be more nimble and efficient, we are perfectly positioned to bring additional offerings, and more profit potential to our customers. The timing is just right.”

With consumers holding onto their cars longer than ever before, now averaging 11 years according to IHS Markit, VSC’s and ancillary products are becoming increasingly important to deliver peace of mind to vehicle buyers. AUL’s suite of products gives dealers a single source provider that simplifies F&I so the dealer can move the negotiations outside of the finance departments ‘box’ and into the hands of the salesperson – where negotiations are often much less contentious.

One of the more significant offerings of the new suite is the firm’s GAP Coverage, which protects car owners whose vehicles have been totaled but they owe more on their loan than the insurance company pays to replace the vehicle. As its name states, GAP Coverage helps to fill that gap. Highlights of AUL’s GAP include coverage up to 84 months, coverage up to 150% of the MSRP/NADA value of the vehicle, an online claims portal for quicker claims and service, and it is backed by an A.M. Best A-rated carrier.

Black Book Vin Decode Valuation Data Now Includes Build Data From General Motors

Leverages Black Book’s Most Precise Valuation Resources for Automotive Professionals

Black Book, known in the automotive industry for providing timely, independent and precise vehicle pricing information, announced today it has integrated General Motors’ Build Data into the company’s VIN Decode and valuations data, resulting in even higher precision of valuations of General Motors vehicles. Build Data is “as built” content in a vehicle, including optional equipment specific to a unique 17-digit VIN.

With the integration of General Motors’ Build Data, a 17-digit VIN now provides an additional level of precision, as any valuation is now automatically adjusted for the right adds and deducts. The automated process saves time for the users without having to manually select adds or deducts.

“Black Book has been working to leverage innovative solutions to provide an even higher level of precision in the valuations used by industry professionals,” said Anil Goyal, Executive Vice President, Operations at Black Book. “With General Motors’ Build Data, users gain access to precise value of a vehicle by automatically accounting for optional equipment installed in the vehicle.”

The new offering helps vehicle lenders, auctions, fleet management companies, consumer trade-in websites, inventory appraisal applications, dealers, rental companies and others to automatically include Build Data in General Motors’ vehicle valuations.

Through continued Black Book innovations such as History-Adjusted Valuations and Enhanced Vehicle Matching leveraging machine learning and big data, Black Book’s data science team has improved precision by incorporating vehicle history report data and matching 17-digit VINs to a single trim and any applicable add/deducts.

defi SOLUTIONS Delivers Innovative and Comprehensive Loan Origination System to Automotive Industry Giant First Investors Financial Services

defi’s Platform Enhances FIFS’ Ability to More Efficiently Originate Loans and Better Manage Automotive Financing

 

defi SOLUTIONS has rolled out two of its state-of-the-art, cloud-based loan solutions to Houston-based First Investors Financial Services. FIFS went live on the defi loan origination and analytics systems (defi LOS and defi ANALYTICS) in just four months.

“We needed an innovative platform and partner who understood our business and could stand up the system quickly,” said Tommy Moore, FIFS president and CEO. “Throughout every twist and turn of this project, the defi team was professional and timely. They gave us just what we needed: a strong partner and advocate during this critical transformation.”

defi LOS supports FIFS’ need for sophisticated underwriting that includes custom scorecards, auto decisioning, and auto deal structuring, as well as analytics and reporting from near real-time data. With system enhancements added weekly, defi LOS will allow FIFS to better serve its customers now and well into the future.

According to defi founder and CEO Stephanie Alsbrooks, “FIFS has been a principal player in the automotive finance market for more than 30 years, and we’re excited to work with them and ensure they have precise control over their lending processes. Now that their defi system has gone live, we look forward to partnering and innovating with FIFS to help them achieve the goals they set in the years to come.”

The defi SOLUTIONS offerings incorporated into the FIFS new loan origination and management system include defi LOS and defi ANALYTICS.

BlytzPay® Partners with PassTime® to Offer Integrated Solutions in Vehicle Payment Versatility & GPS

FinTech Application Optimal For Dealers Using PassTime’s GPS Products

PassTime and BlytzPay® announced an integration partnership between the companies. PassTime—a solutions company that provides high-quality automotive GPS devices to new and used car dealers, finance companies, fleet, and powersports dealers—and BlytzPay—a mobile, text payment solution which allows customers to communicate and pay via text—will be able to offer integrated solutions to dealers and finance companies.

With integrated functionality, BlytzPay’s technology can target an ideal industry for adoption. PassTime customers will be able to provide early warning notifications to mitigate delinquent payments and keep cars on the road.

PassTime, which has been in business for more than 25 years, provides GPS Solutions for customers to connect their vehicles and protect their assets. The company prides itself on providing high-quality and reliable products, along with unmatched 24/7 live customer care for its customers and consumers.

“We are very excited about partnering with BlytzPay. The technology is innovative and will be a complementary add for our auto dealers and finance company customers as a valuable communication and payment tool,” said Chris Macheca, president and COO at PassTime. “The ability to expedite payments, and with a timely cash option, allow our customers to offer a billing service consumers can utilize anytime, anywhere.”

BlytzPay provides a financial solution for customers to pay for their cars with payment methods that are convenient to them. BlytPay provides its users convenience without driving back to the dealership, finding an ATM, paying high fees at a cash loan store, or loading a pre-paid debit card, all of which are common hurdles within the auto financing industry.  With multiple ways to pay, including a cash option, which is an accommodation that benefits both dealer and driver, customers are able to avoid delinquency and keep cars on the road.

“From BlytzPay’s inception, we knew the advantages, convenience, and serviceability of our technology would transform payments, particularly within the auto industry. We have seen the difference a mobile point of sale solution makes in the hands of dealers trying to collect from often hard to reach customers in a timely way” said Robyn Burkinshaw, BlytzPay Chief Executive Officer.  “The PassTime/BlytzPay partnership is a significant step toward creating efficiencies, connection, and inclusion for dealers and their customers.”

The BlytzPay integration with PassTime will allow auto dealers and finance companies to include payment versatility to consumers in conjunction with the use of PassTime’s GPS and automated collection technologies. The integration could also tap into DMS (dealer management systems) to provide customers even more options in managing payments, inventory, and their GPS devices.

Primeritus Financial Services Acquires Consolidated Asset Recovery Systems

Primeritus Financial Services, Inc., the leading service provider of recovery management, skip tracing, and remarketing services to the auto finance industry, announced the acquisition of Consolidated Asset Recovery Systems (CARS).

“The addition of CARS to the Primeritus Family of Companies demonstrates our ongoing efforts to grow our business while further diversifying our brands. We are very excited to grow in size and scale and we will continue to invest in technology and operational capabilities which add value. As we continue this journey we will always embrace great people, great processes, and great solutions,” said Mike Thomas, Primeritus Chief Executive Officer.

Steve Norwood, President & CEO for Consolidated Asset Recovery Systems added: “As a result of this transaction, the companies will become the dominate provider of technology and services for managing both the repossession and remarketing of assets.  We will continue to operate as separate businesses leveraging synergies in skip, back office functions and remarketing.  We are very excited to be a part of the Primeritus family of companies and together continue to provide the highest level of service and the best technology in this market.”

CARS was founded in 2005 by Steve Norwood and Terry Groves, two software supply chain veterans, whose vision will continue to drive CARS’ success. From the beginning, Steve and Terry decided to leverage SaaS technology to revolutionize the repossession and remarketing industry and experienced 84% YOY revenue growth since 2013.

Allied Solutions Appoints Suzi Straffon as Director, Finance Company Markets

Straffon to coordinate distribution initiatives within the auto and consumer markets

Allied Solutions, LLC, one of the largest providers of insurance, lending, and marketing products to financial institutions in the U.S. for more than 35 years, announced today the appointment of industry veteran Suzi Straffon as Director of Finance Company Markets. In this role, Straffon will lead the coordinated development of Allied’s distribution initiative to finance companies within the auto and consumer finance markets.

Straffon is an experienced auto finance professional, bringing more than 16 years of marketing and business development proficiency to the position. Most recently, Straffon served as Director of Engagement Marketing for DIMONT, a specialty insurance and loan administration company, and held marketing leadership positions at Exeter Finance as well as RouteOne, a leading provider of F&I solutions to automotive dealers and lenders.

“In addition to providing the most robust, end to end risk and recovery solutions for its lender customers, Allied is known for its consultative approach, allowing for a true partnership with each client,” Straffon said. “It is that combination that allows Allied to provide outstanding value to its customers. I look forward to demonstrating our vast suite of offerings and helping our clients become more efficient.”

“The addition of Suzi Straffon as Director of Finance Company Markets further enhances Allied’s ability to provide clients with best-in-class service and solutions,” said Allied Chief Marketing Officer Dave Underdale. “Her in-depth knowledge of the finance company space across multiple channels further builds Allied’s level of expertise, allowing us to best guide our clients’ success.”

Equifax and FICO introduce strategic partnership to deliver the Data Decisions Cloud

Industry leaders to integrate differentiated data and precision decisioning to help financial institutions optimize interactions with customers

ATLANTA, March 27, 2019 To increase velocity for deploying predictive models, FICO and Equifax are introducing the Data Decisions Cloud. The new Data Decisions Cloud is an end-to-end data and analytics suite that addresses key needs across risk, marketing, and fraud to enable financial institutions to meet the needs of consumers faster and more precisely than ever before.

The Data Decisions Cloud integrates the Equifax IgniteTM platform differentiated data and analytic management with FICO Cloud applications and the FICO® Decision Management Suite (DMS), a digital decisioning platform. This broad strategic alignment will enable organizations to easily explore differentiated data, uncover deep new insights, build highly-predictive models and rapidly deploy decisions into production systems across the customer lifecycle. Financial institutions will benefit from an increased pace of innovation for data and decisioning, supported by incredible industry expertise and explainable artificial intelligence (AI).

“We are energized about this broad partnership between Equifax and FICO. Two industry leaders are joining forces to help financial institutions better meet the needs of consumers and improve business agility,” said Mark W. Begor, CEO of Equifax. “Our partnership will seamlessly integrate Equifax’s differentiated data assets and Ignite platform with FICO’s market-leading cloud based decisioning software and applications.”

“Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions,” said William J. Lansing, CEO of FICO. “With this strategic partnership, FICO and Equifax will help organizations operationalize the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way.”

Video: https://youtu.be/5e0doMU8-jc

The strategic partnership is focused on a connected, end-to-end development and decisioning management platform that allows customers to quickly explore, develop, test, and deploy powerful insights into production systems across the organization. In addition, FICO and Equifax are planning to release three pre-built solutions later this year:

  • A connected system for real-time access to raw and trended data that enables the rapid creation and deployment of new predictive elements and promotes data science collaboration across the enterprise.
  • A Compliance-as-a-Service solution that enables customers of all sizes to support their anti-money-laundering and know your customer obligations across the customer lifecycle.
  • An integrated pre-screen marketing automation solution that develops FCRA-compliant campaigns to acquire and retain customers.

 

“Currently, there is a deluge of data, and while we have processes to extract meaningful insights to make it actionable, it is a cumbersome and time-consuming process,” said Liza A. Yannon, director of Quantitative Analysis at Key Bank. “I’m excited to see that FICO and Equifax listened to the voice of the customer by coming together, and I look forward to seeing how they help us obtain more ready access to data, enabling better use of it in analytics and business decisions.”

“We know there is an overwhelming amount of data in the world and we know consumer expectations are on the rise as they demand highly-personalized engagement, in real-time. To compete in this dynamic market, financial institutions need to leverage artificial intelligence, machine learning and predictive analytics to find the key insights that will help them deliver differentiated and profitable customer experiences,” said Brian Riley, director, Mercator Advisory Group. “The Equifax and FICO partnership underscores these trends and should help address the industry’s most challenging problems like streamlining the customer experience, improving data analytic capabilities, and reducing operating costs.”