RISC Extends Compliance Best Practices to Repossession Lot Inspections
Comprehensive Lot Inspection Reports Now Available for Repossession Lots across the United States.
Recovery Industry Services Company (RISC) expands industry-leading compliance to provide comprehensive, up-to-date lot inspections for repossession storage lots across the United States. RISC’s Lot Inspection Service includes current reports on more than 1,500 Recovery Companies who collectively operate more than 3,000 recovery storage lots nationwide. Together, these lots store more than 95% of the repossessed vehicles recovered throughout the United States each year.
“Regardless of a lenders assignment strategy, annual inspections can be difficult to schedule, perform and maintain. In turn, the repossession company gets inundated with inspection requests from forwarders and lenders taking valuable time away from repossessions they need to perform,” said Stamatis Ferarolis, founder of RISC. “This coupled with variations in reports drove the initiative for RISC to perform and maintain standard lot inspections across the country.”
RISC’s Lot Inspection Service includes:
- Office inspection
- Vehicle security
- Key storage and security
- Personal property security
- IT security
Two industry problems are solved with this solution. First, the lender is alleviated from managing this portion of the CFPB mandated vendor vetting process. Second, the recovery agency is relieved of the burden of having multiple lenders inspect the same lot.
“RISC’s Lot Inspection Service saves time and resources for all parties,” said Ferarolis, “and provides the lender with a single source to quickly, and economically, gain access to current, comprehensive lot inspections on every lot in which a consumer’s vehicle may be stored.”
Inspectors must complete Inspector Education, RISC’s proprietary training program. This training was developed specifically for repossession lot inspectors to ensure an objective report of the property. Each report is accessible online so it is easy for lenders to gather the necessary documentation required by auditors or third party regulators such as the CFPB.
Between now and the end of the year, lenders can take advantage of RISC’s free vendor compliance analysis. This vendor analysis will provide the lender with a snapshot of their vendor’s compliance status which will include information on lot inspections as well as business license, insurance, background checks and other vital compliance data. To sign up and get your free analysis, go to https://www.riscus.com/LenderServices/lotinspections.