“Remaining in compliance with differing state laws and meeting the timeframe required for debtor notification and proof of delivery are two of the greatest challenges for lenders,” said Steve Norwood, CEO of CARS. “This technology and partnership with FCSI will allow us to improve accuracy while reducing the time for delivery, thus allowing us to manage the overall repossession process better.”
EZ-Letter works by allowing lenders to access certified templates from within the I-BEAM repossession management portal or upload their own. These templates then use information contained within the data warehouse to populate key fields, removing the opportunity for human error. Once the state-specific template is populated, it is then electronically submitted to FCSI where it is printed and entered into the US postal service. From within the US postal system, FCSI electronically tracks and captures logistical data along with proof of delivery documents, including the signature and green cards, which are then transmitted to the I-BEAM portal, where a historical record is retained of the transaction.
The new solution is expected to greatly reduce a lender’s exposure in several ways. First, templates are compared regularly to state laws to verify that content meets compliance. Secondly, documents are processed much faster, reducing the overall timeline for letter generation and time to enter the mail system. Additionally, this system is expected to improve accuracy and reduce probability for human error since this allows for much of the process to be electronically automated.
“In developing this system, our goal was to address the areas where we could provide a benefit to those who regularly send Certified Mail,” said William Carter, CEO of FCSI. “Our system has created an easy-to-manage method for meeting all Certified Mail needs. With the time, effort and money our system saves, it represents a great return on investment.”
For information about Consolidated Asset Recovery Systems, visit www.ez-recovery.com.
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Consolidated Asset Recovery Systems (CARS), a leader in repossession and remarketing services, assists prime, sub-prime, captive and regional lenders. Through its unique I-BEAM™ Web portal, asset tracking and real-time updates can be monitored, offering complete transparency throughout the recovery process. Consolidated Asset Recovery Systems’ growing community of agents, transporters and auctions all share data within the I-BEAM portal, a hosted solution offered as Software as a Service (SaaS). For more information, visit www.ez-recovery.com.