How Technology can change the Auto Finance Industry

How Technology can change the Auto Finance Industry By John Lewis October 16, 2017   The ability to utilize technology to increase your view into how people behave has never been more opportunistic. As we move into 2018, the auto finance industry is finally catching up to the need, and desire, to use Artificial Intelligence. They still face challenges similar to what we saw when we launched masterQueue in 2011, but the times are changing.   Many companies still manually gather data versus using automated big data gathering strategies, and many companies are still using collector and skip tracer intuition […]

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Artificial Intelligence and Debt Collections

Gather. Organize. Track In the Spring of 2011 we launched masterQueue at www.Finovate.com in San Francisco. At the time, we had no idea it would take the lending industry six years to begin to recognize the value of Predictive Analytics, BigData Analysis, Artificial Intelligence and Automated Workflow in Debt Collections related software. To us, it seemed to just make sense compared to manually gathering data from web sites and relying on intuition of collectors to pick the most important data to drive RPC, increase repossessions and reduce losses. In 2016, American Banker Magazine named us #11 of the Top 20 […]

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El Dorado Hills company helps creditors collect debts – and show they did it by the book

    Thanks to the Sacramento Bee for telling the compliance piece of our story. We understand how to mitigate risk in collections, from performance to compliance to security to 3rd party outsourcing and that’s what our MasterQueue software does for lenders and their loan servicing vendors.   “The lenders can do only so much, not because they don’t have the tools or the skills, but a lot of times, they just don’t really perform as efficiently as the vendors do. So, they hire third-party vendors, and that’s what my wife and I did for a number of years.  We […]

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Field Management Software

Field Management Software By John Lewis March 8, 2017 I’m the President of Intellaegis, the software company that built masterQueue, a software platform that makes 1st and 3rd party collectors and skip tracers more efficient. I’m also a founding partner in RepoRoute, field management software that makes repossessors more efficient. I’d like to share some thoughts on the importance of field management software, why we got involved in RepoRoute, and where we see this new technology taking the industry. We see this moment as one of the most critical times in the history of auto finance. Delinquency is spiking, repossession […]

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Handling Record High Delinquencies in the “Race Against Time”​

Based on data reported in February 2017 by The Center for Microeconomic Data, Federal Reserve Bank of New York (FRBNY) … Auto loan outstandings continued its record upward trajectory in the fourth quarter of 2016, increasing $22 billion. It was the largest third to fourth quarter increase in terms of dollars for as far back as the FRBNY is reporting such data (since 2003). Also, auto loan balances that transitioned from current to 30+ days-past-due (DPD) and from current, 30, or 60 DPD to 90+ DPD reached all-time record-high levels, exceeding the dollars delinquent during the Great Recession. See the […]

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Collections Is A Race Against Time

“I believe there’s never been a more important time to embrace FinTech than now” Collections is a race against time ! By Bill Ploog Former EVP of Auto Loan Servicing at ALLY Financial As earnings season gets into full swing over the coming weeks, it will be interesting to see the year-over-year (YoY) trend of rising auto loan delinquencies and losses. It has been widely communicated that delinquency rates were rising among subprime auto loans, while overall auto loan delinquency rates were low and relatively flat. News articles on the subject focus on the changes in the ratios (rates). I […]

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CFPB ruled “UNCONSTITUTIONAL”, so what does that mean to us…to five time undefeated Jeopardy Champ Richard Cordray…and the Donald vs. Hillary drama?

Let me start by saying I have no clue who I am voting for, and every day my mind changes based on what Robert De Niro or Donald Trump says, or said years ago. However, I do think its worth noting that Donald Trump said last May that sweeping financial reforms put in place under President Barack Obama were harming the economy, and he would dismantle nearly all of them. Today, the U.S. Court of appeals in Washington DC, no less, basically agreed with Trump when they pretty much declared the CFPB, at least in how it operates today, as […]

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Big Government Moves into Debt Collection – Part III

Today the CFPB once again showed they do not mess around. They fined Wells Fargo $185m for creating a half a million credit card accounts without customer authorization. Wells and the Regulators have known about this for years, and over the past couple years Wells fired over 5000 employees as a result. The $185m was the largest CFPB fine to date, and while this was not related to debt collection, it’s clear they may have just fired a shot over the bow of the debt collection industry when it comes to generating fines for bad behavior, or what they will […]

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Big Government Moves into Debt Collection – Part II

The proposed new debt collection laws released last month by the CFPB clearly states Dodd-Frank empowers the CFPB. They have “decided to consider issuing debt collection regulations that implement the FDCPA and other statutory authorities and that cover the activities of debt collectors and debt buyers. THEY’RE CHANGING THE RULES AND IT WILL IMPACT US, AGAIN. How? Significantly, Financially, Operationally, and it will once again shake up how we all do business by forcing us to invest in new technology to implement and track these complex rules. We’ll also be forced to retrain or hire new staff qualified to handle […]

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Big Government moving into Debt Collection – Part I

We thought the CFPB would be rewriting the FDCPA, but with the release of the 117 page “SMALL BUSINESS REVIEW PANEL FOR DEBT COLLECTOR AND DEBT BUYER RULEMAKING OUTLINE OF PROPOSAL UNDER CONSIDERATION AND ALTERNATIVES CONSIDERED” document on July 28th, it’s now clear they are just adding new language and new rules, still without an ultimate, final and specific roadmap. Seems like they’re also planning to keep the 1977 FDCPA document in tact. Its kind of like dating before marriage, they’re keeping their options open to do what they want and they’re reserving the right to change rules and change […]

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