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  • #16
    Originally posted by SeaKelly View Post
    I don't mind asking the loaded questions JTDAMiami I ask because I want to know and I value the agent community and their viewpoints.

    I most definitely agree that communication is vital. The agent and lender must be able to communicate openly and freely. When you have a third party involved, things can get lost in translation. However, not all third parties aka forwarders are alike. For instance with our system, the lender and agent can communicate directly with each other electronically or via phone. We do encourage electronic communication because there is a record and if calls/conversations between our lenders/agents do occur all we ask is that it be notated on our system-always good to have an audit trail. Plus there is nothing left to interpretation.

    Being a former collector, I would limit the number of addresses I asked the agent to run. Why? If I did my job prior to assigning the asset out for repo, I knew that the address I provided was good for either my debtor or a family member was located. No need for the agent to on a wild goose chase. And if the asset wasn't spotted, contact was made and we went from there based on the intel gathered by the agent.

    As for making on the spot decisions, being the an agent in the field you most certainly have more info at hand than we do. However, when it comes to additional fees I would be hesitant to make those calls without consulting the lender first. I would much rather know I was going to get reimbursed for any extra fees such as a flatbed, finders's fee, etc. My advice, pick up the phone and call if during business hours. I have seen the agent come out on the short end of the stick on that one too many times when they don't get prior approval. To be honest, I don't know of any lenders that give their agents carte blanche when making on the spot decisions concerning extra fees. Everyone is held accountable for fees these days...be it the lender or the agent.

    At the end of the day, we are all in business to make a living-we all deserve a decent day's pay for an honest day's work.
    Fowarders DO NOT allow agents to make the sometimes necessary decisions an agent needs to make on the spot, after business hours. Why is that....???

    I have two direct clients that for the last 5 years have never second guessed or doubted a fee for a flat bed in the middle of the night because the unit had 4 flat tires or a finders fee to a third party who disclosed the location of a unit and the unit was recovered.

    Fowarders are the ones who are more concerned about that extra fee because it is not within their contracts with a lender.

    Direct agents most always have the trust and confidence from their lenders mostly as a result of the relationships built upon the direct communication and track history and performance with the lender.

    Here is a perfect example of a common occurence, Agent finds a third party who says, I show you where he is hiding the car, it is at an apt complex that is gated and guarded, unit is there debtor is driving it out of state in the morning. I can get you into the complex , pass the guard and you can recover the car...But I want $200 bucks.
    Unit is close to charge off and is a high balance account.

    My direct lenders would not question my decision because of the circumstances of the account and also because we do not abuse the trust, in other words it does not happen every day.

    NO fowarder that we have worked with so far....will allow an agent to make this kind of decision on the spot. Waiting for the next day approval can mean losing the car for a long time.

    So would your company back up an agent under these circumstances of the scenario I played? Or would it let him hang out to dry?

    Let me ask you another question while I'm on a roll here...Would you pay an agent not only the extra fee for a flatbed of finder fees for an unkwon third party for info but also a second run fee since agent now has to go back again and try to do what he could have done the first time...on the spot!



    BTW, I do appreciate your openess and involvement here on the forum.

    Comment


    • #17
      Originally posted by JTDAMiami View Post
      Fowarders DO NOT allow agents to make the sometimes necessary decisions an agent needs to make on the spot, after business hours. Why is that....???

      I have two direct clients that for the last 5 years have never second guessed or doubted a fee for a flat bed in the middle of the night because the unit had 4 flat tires or a finders fee to a third party who disclosed the location of a unit and the unit was recovered.

      Fowarders are the ones who are more concerned about that extra fee because it is not within their contracts with a lender.

      Direct agents most always have the trust and confidence from their lenders mostly as a result of the relationships built upon the direct communication and track history and performance with the lender.

      Here is a perfect example of a common occurence, Agent finds a third party who says, I show you where he is hiding the car, it is at an apt complex that is gated and guarded, unit is there debtor is driving it out of state in the morning. I can get you into the complex , pass the guard and you can recover the car...But I want $200 bucks.
      Unit is close to charge off and is a high balance account.

      My direct lenders would not question my decision because of the circumstances of the account and also because we do not abuse the trust, in other words it does not happen every day.

      NO fowarder that we have worked with so far....will allow an agent to make this kind of decision on the spot. Waiting for the next day approval can mean losing the car for a long time.

      So would your company back up an agent under these circumstances of the scenario I played? Or would it let him hang out to dry?

      Let me ask you another question while I'm on a roll here...Would you pay an agent not only the extra fee for a flatbed of finder fees for an unkwon third party for info but also a second run fee since agent now has to go back again and try to do what he could have done the first time...on the spot!



      BTW, I do appreciate your openess and involvement here on the forum.
      Your truck, fuel and insurance or his?

      Comment


      • #18
        Originally posted by JTDAMiami View Post
        Fowarders DO NOT allow agents to make the sometimes necessary decisions an agent needs to make on the spot, after business hours. Why is that....???

        I have two direct clients that for the last 5 years have never second guessed or doubted a fee for a flat bed in the middle of the night because the unit had 4 flat tires or a finders fee to a third party who disclosed the location of a unit and the unit was recovered.

        Fowarders are the ones who are more concerned about that extra fee because it is not within their contracts with a lender.

        Direct agents most always have the trust and confidence from their lenders mostly as a result of the relationships built upon the direct communication and track history and performance with the lender.

        Here is a perfect example of a common occurence, Agent finds a third party who says, I show you where he is hiding the car, it is at an apt complex that is gated and guarded, unit is there debtor is driving it out of state in the morning. I can get you into the complex , pass the guard and you can recover the car...But I want $200 bucks.
        Unit is close to charge off and is a high balance account.

        My direct lenders would not question my decision because of the circumstances of the account and also because we do not abuse the trust, in other words it does not happen every day.

        NO fowarder that we have worked with so far....will allow an agent to make this kind of decision on the spot. Waiting for the next day approval can mean losing the car for a long time.

        So would your company back up an agent under these circumstances of the scenario I played? Or would it let him hang out to dry?

        Let me ask you another question while I'm on a roll here...Would you pay an agent not only the extra fee for a flatbed of finder fees for an unkwon third party for info but also a second run fee since agent now has to go back again and try to do what he could have done the first time...on the spot!



        BTW, I do appreciate your openess and involvement here on the forum.

        I enjoy being on the forum. You can learn a lot on here. And I truly appreciate ya'll allowing me to be on here. It has provided me an in-depth insight into the world of recovery agents.

        I can't speak for forwarders but, in my opinion, the majority of lenders want to pre-approve extra fees because they are held accountable for their expenses. They have a budget for repossessions. I think it speaks volumes to your business ethic that your direct clients that allow you to make on the spot decisions.

        You are correct in the direct relationship between the lender and recovery agent is built upon trust, confidence and performance which occurs over time. So why can't the relationship between the forwarder and agent be like that? Keep in mind that just like all agents aren't the same, neither are all forwarders.

        To answer your question if my company would pay the $200 finders fee in the gated/guarded apartment complex scenario you proposed: The standard reply would be no because additional fees have to be pre-approved...states it in the agent contract you sign with us. But given the dire circumstances in this case, our account manager probably would go to bat for you with the lender. I have witnessed similar scenarios and seen it go both ways. So like I said no guarantees.

        And for your next question, on the second run fee in the aforementioned scenario...that would be a no. Wouldn't that be like paying you each time you ran the given address to spot the car?

        Personally, I feel like it is possible for forwarders and agents to work together and have a trusting relationship filled with open communication. I worked at a bank for 15 years in collections and built a great rapport with my agents-became friends with a few. We trusted each other and relied on each other...loved being able to pick up the phone and ask for updates, etc. Then my bank opted to go with a forwarding company...the same one I work for today. My biggest concern was loosing contact with me agents. And you know what? It didn't happen. I could still pick up the phone and talk with my agents and vice versa. The only difference was I had to document the system of our conversations.
        Kel

        Comment


        • #19
          Originally posted by SeaKelly View Post
          You are correct in the direct relationship between the lender and recovery agent is built upon trust, confidence and performance which occurs over time. So why can't the relationship between the forwarder and agent be like that? Keep in mind that just like all agents aren't the same, neither are all forwarders.
          Most agents think and operate outside the box. Fowarders create a box.
          So if an agent is put on a tight leash don't expect him to be a loyal puppy.

          Originally posted by SeaKelly View Post
          To answer your question if my company would pay the $200 finders fee in the gated/guarded apartment complex scenario you proposed: The standard reply would be no because additional fees have to be pre-approved...states it in the agent contract you sign with us.
          This is why most agents will not give a fowarder 5 star service. You got to remeber that as an owner I have to keep my agents financuially productive. They have No interest in being out in the field and doing favors for free.

          Originally posted by SeaKelly View Post
          But given the dire circumstances in this case, our account manager probably would go to bat for you with the lender. I have witnessed similar scenarios and seen it go both ways. So like I said no guarantees.
          I agree that it can go both ways, to pay or not to pay...but you know what will happen the first time an agent doesn't get paid....he won't care about going the extra mile and just move on the the next easy assignment. I say easy as in no hassle, waste as little time as possible. Time is money!

          Originally posted by SeaKelly View Post
          And for your next question, on the second run fee in the aforementioned scenario...that would be a no. Wouldn't that be like paying you each time you ran the given address to spot the car?
          The second run fee would be because an agent is restricted from making an on the spot decision. This is not the same as running the given addresss. Remember that in the scenario I proposed, a third party is taking and agent to an undisclosed location not the given address.
          Alot more work for no extra money?

          Originally posted by SeaKelly View Post
          Personally, I feel like it is possible for forwarders and agents to work together and have a trusting relationship filled with open communication. I worked at a bank for 15 years in collections and built a great rapport with my agents-became friends with a few. We trusted each other and relied on each other...loved being able to pick up the phone and ask for updates, etc. Then my bank opted to go with a forwarding company...the same one I work for today. My biggest concern was loosing contact with me agents. And you know what? It didn't happen. I could still pick up the phone and talk with my agents and vice versa. The only difference was I had to document the system of our conversations.
          Well that being said I see you can understand the reason and purpose for an agent to have the lattitude to make SOME on the spot decisions.
          Contract language or not, if there is trust and confidence then all things can be worked out.

          No trust and confidence...then an agent is usually at the wrong end of the stick, doesn' get compensated for above and beyond performance....leash is too tight....a pat on the back will not cut it.

          Policeman and Fireman put their lives on the line everytime they go to work. get a nice salary with benefits, paid holidays, sick days and are even covered by a baragaining agreement.

          Repossesors generally do not get any of these things yet put their lives on the line every day.
          We get hounded for updates every 3 days many times feed bad addresses and is expected to perform yet, when he shines like a star and goes above and beyond and gets the job done.....he gets punished because he forgot to ask for permission....

          You worked for a bank for 15 years.....try one year behind the wheel of a truck, on commission.

          You can't "cookie cutter" what a repossesor does...

          Comment


          • #20
            I couldn't agree more with you that agents have to think outside the box...in order to perform your job safely and in a compliant manner, it is a must. Work smarter not harder. I don't want my agents on a leash. I want my agents to perform the job they are hired to do within the terms of their contract. My agents and I are in a mutually beneficial business relationship....we work together to provide a service to the lender. Our relationship is built on trust and respect with the understanding there are guidelines within our companies that both of us must adhere to such as prior approval on additional fees. And while I may give you a pat on the back for a job well done, I will also pay you for that job. I don't work for free and don't expect you to either.

            As a business owner, it is your responsibility to ensure you are running a profitable company. The lenders you work for, directly or indirectly, don't care if you make money or not...their only concern is their profit margin. Bottom line if you aren't turning a profit, you won't be in business long. To be perfectly honest, I wouldn't work for any company that dictated my fees. I believe we are one of the few companies that doesn't set agent pricing or charge for access to our system or to accept assignments, complete CRs, etc.

            Recovery agents have a dangerous job, I agree 100%. Not everyone is cut out to be an agent. So many times, people get into this line of work because they think it's cool like it's portrayed on those tv repo shows. You and I both know the recovery business is nothing like that. It is hard work and long hours....not a 9 to 5 job. And in being a recovery agent, you do have to provide updates, CRs, pictures, etc to clients within a certain time frame...all part of being a recovery agent.

            As far as policeman and fireman being fairly compensated...I will have to disagree with you on that. I have both in my family and I can tell you now they don't get paid near enough for what they do and the dangers they face each day. And let's not leave out the military...another group that isn't paid their worth. While the firemen, policemen and military may have benefits, benefits won't pay bills or put food on the table.
            Kel

            Comment


            • #21
              Originally posted by jtdamiami View Post
              fowarders do not allow agents to make the sometimes necessary decisions an agent needs to make on the spot, after business hours. Why is that....???

              I have two direct clients that for the last 5 years have never second guessed or doubted a fee for a flat bed in the middle of the night because the unit had 4 flat tires or a finders fee to a third party who disclosed the location of a unit and the unit was recovered.

              Fowarders are the ones who are more concerned about that extra fee because it is not within their contracts with a lender.

              Direct agents most always have the trust and confidence from their lenders mostly as a result of the relationships built upon the direct communication and track history and performance with the lender.

              Here is a perfect example of a common occurence, agent finds a third party who says, i show you where he is hiding the car, it is at an apt complex that is gated and guarded, unit is there debtor is driving it out of state in the morning. I can get you into the complex , pass the guard and you can recover the car...but i want $200 bucks.
              Unit is close to charge off and is a high balance account.

              My direct lenders would not question my decision because of the circumstances of the account and also because we do not abuse the trust, in other words it does not happen every day.

              No fowarder that we have worked with so far....will allow an agent to make this kind of decision on the spot. Waiting for the next day approval can mean losing the car for a long time.

              So would your company back up an agent under these circumstances of the scenario i played? Or would it let him hang out to dry?

              Let me ask you another question while i'm on a roll here...would you pay an agent not only the extra fee for a flatbed of finder fees for an unkwon third party for info but also a second run fee since agent now has to go back again and try to do what he could have done the first time...on the spot!



              Btw, i do appreciate your openess and involvement here on the forum.
              great examples, as these situations have bit us a few times and also bit the lender a few times when having someone in between claiming you did not have prior approval , but actually if the middle person would explain the exact situation to the lender , most times the lender would have loved to have the unit recovered and pay the necessary additional fee,but many times we have just had the extra fees denied by a middle man because it did not have prior approval! There is often cases where the agent has to make quick decisions as the forwarder or the lender just might not be available at 3:30 in the morning! So we have to go on and deal with it,the best we can.

              Comment

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