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How Shaw Software Helps Lenders with Repossession: Assignment
In this edition of Shaw's blog, we will examine how our software helps lenders with the assignment process of repossession. This is the third of four blog posts in a series that details how Shaw's software helps lenders with the repossession process. If you would like to read the other posts in the series about the overview you can find it on our blog at How Shaw Software Helps Lenders with Repossession: An Overview and How Shaw Software Helps Lenders with Repossession: Decision Making. Lenders face a problem of tracking the data. Lenders have to go through a cumbersome process to update the data. This creates data that is old and not up-to-date. Data is not able to be updated and thus informal processes and communication is created to fill in the gaps.During the process of assignment several questions need to be answered like:
These questions and more must be answered constantly, repeatedly, accurately, and possibly thousands of times for lenders with large portfolios.
By working directly with your repossession partners, or by integrating to an aggregator of your choosing, Spectrum can account for all the relevant information when assigning an account for repo. Spectrum can track each assignment and with automatic or manual updates lenders can keep each record up to date. Notes can show important information about the collateral and before and after values for various pieces of information.
Spectrum loan servicing software lets you track your repossession from inception to the auction. It also has smart queueing and workflows, which ensure that every step in the process is followed exactly, every time. Spectrum has the capability to track before and after values for important fields such as placed on hold along with the date/time and ID of the operator that changed the value.
Additionally, you can utilize data like “Assignment Confirmed” and “Close Request Date/Time” to institute check steps in your assignment and close processes. A close request date can be sent in lieu of a close date. Once the closure is confirmed, the close date can be filled out.
Automation using a repossession forwarder allows new assignments to go out and for updated information to come in from the field automatically, creating a complete view of repo assignments. Lenders have visibility into the accuracy, reliability, status, and cost of the repossession assignment. Spectrum will automatically close all repo assignments for a piece of collateral when it is repossessed if you are using a repo forwarder.
Assigning a vehicle for repossession is an important and complex job. Shaw can help provide the loan servicing solution you need to make your job easier. If you’re interested in learning more about Shaw’s Spectrum loan servicing software, please email us at solutions@shawsystems.com.