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What clients have been to your office for inspection?

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  • What clients have been to your office for inspection?

    The only upside I have found with CFPB was clients traveling to me for once, a welcome change.

    Wells Fargo
    C.A.R.S. (they sent independent adjuster to inspect office and yards)
    Millennium (they sent independent adjuster to inspect office and yards)
    Chase has let me know they are coming, just no date.

    I have been told by a few vendor managers that we will come at the tail end as we are in a rural area (150 miles to the nearest large airport).

    What has your experience been?

  • #2
    Wells Fargo.....Not bad.
    I walk through the Valley of Darkness and Fear no evil on a daily basis.

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    • #3
      Was it a client or a contracted inspection company?
      "America's Best Repo Agent"

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      • #4
        Originally posted by abra View Post
        Was it a client or a contracted inspection company?
        So far Wells is the only one to send an actual employee out with Chase to follow.
        The other two inspections were independent adjusters.

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        • #5
          Originally posted by abra View Post
          Was it a client or a contracted inspection company?
          Wells sent an employee.
          I walk through the Valley of Darkness and Fear no evil on a daily basis.

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          • #6
            inspection

            I had a Credit Union I just picked up an advise me there gonna drop by for a inspection but no date set yet!! What are they mainly looking for in the inspection??? never had one done before???

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            • #7
              On-Site Inspection

              Here are a few things the inspector will check and/or include:

              Office(s)
              Storage Lot(s)
              Insurance
              Associations
              Security
              Sufficient staff
              Sufficient equipment
              Storage of personal property
              Hours of operation
              Software/technologies used to manage your business
              Pictures will be taken of everything
              Kel

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              • #8
                Wells Fargo And Regions both sent employees.

                Regions was VERY thorough, spent 31/2 hours on the inspection.

                Two other "Subcontractors" flew in and out like the wind.

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                • #9
                  Originally posted by SeaKelly View Post
                  Here are a few things the inspector will check and/or include:

                  Office(s)
                  Storage Lot(s)
                  Insurance
                  Associations
                  Security
                  Sufficient staff
                  Sufficient equipment
                  Storage of personal property
                  Hours of operation
                  Software/technologies used to manage your business
                  Pictures will be taken of everything

                  Fowarders make too big of a deal for the little they pay.... For that reason they are not allowed to send us any work or bother to come by to our office..

                  Direct clients don't send someone to check if we are running our business correctly or to givme their opinion if we have sufficient staff... We give results and charge accordingly

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                  • #10
                    Originally posted by AssetRecovery View Post
                    Fowarders make too big of a deal for the little they pay.... For that reason they are not allowed to send us any work or bother to come by to our office..

                    Direct clients don't send someone to check if we are running our business correctly or to givme their opinion if we have sufficient staff... We give results and charge accordingly
                    With the CFPB enforcing regulations upon financial institutions, I believe site inspections of recovery agencies are going to become commonplace-be it from direct clients or forwarders. Site inspections provide an overview of the recovery agencies' background, reputation and compliance. They were not designed to tell you how to run your business, what to charge for your services or offer an opinion of any kind...merely to provide lenders a factual profile/brief report of who is working for them.

                    Whether we like it or not, it's a CYA for lenders!
                    Kel

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                    • #11
                      I just picked up a big credit Union today, coming to inspect Monday

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                      • #12
                        Secure Collateral (SCM) had a 3rd party do a site inspection last year, was pretty standard, took maybe 45 minutes, was similar to Chase. They are a forwarder/skip company but pay same day and their rates are decent, i'm doing $325 invol. and $150 vol. although they pay even vol. at the invol. rate. Pretty fair.

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