PHOENIX — MBSi Capital, the developers of the Re-Pros and
iRepo repossession software suites, rolled out a new program that aims to make
it easier for repossession companies to become and remain compliant with a
variety of new government mandates.

The company highlighted the Compliance Made Easy program
addresses three key areas — complaint tracking, recurring training and vendor
vetting. MBSi indicated these elements are where repossession companies are
soon likely to be receiving additional requests from their financial
institution clients, especially those regulated by the Consumer Financial
Protection Bureau.

Compliance Made Easy includes two products from MBSi called
Vendor Comply and Training Comply. It also features partnerships with companies
such as RISC to provide vendor vetting.

MBSi president John Rhodes emphasized the program comes at a
time when the repossession industry is facing unprecedented regulation and
where non-compliance can result in substantial loss of revenue.

"There's a lot of confusion in the repossession industry
about what companies need to do to be in compliance," Rhodes said. "Third-party
vendors are looking for solutions and in many cases find themselves with more
questions than answers."

"Compliance Made Easy takes the guesswork and cost burden
out of recovery company compliance – it makes it simple to become and remain
compliant in three easy steps," he continued. "What's more, MBSi is offering
this product at an extremely low cost so as not to burden the vendors with
additional expenses at a time when margins are being squeezed to the breaking
point."

Rhodes recapped that the CFPB has started to examine the
financial institutions it regulates, and one of the areas that is being closely
scrutinized are the institution's relationships with third-party service
providers, including repossession companies.

The MBSi boss indicated financial institutions must be able
to provide documentation of the compliance and consumer protection procedures
being implemented by their third-party service providers.

As a result, repossession companies are now facing increased
compliance burdens when servicing their financial institution clients,
according to Rhodes.

The Vendor Comply Complaint Management System can automate
consumer complaint tracking and management in conjunction with a vendor's
internal assignment management software.

The Training Comply Compliance Testing System can allow
lenders and vendors to create compliance and training tests and automate test
administration.

Both products are available as part of the Re-Pros and iRepo
repossession software suites, or as stand-alone products for use with a service
provider's current system of record.

These two products were developed to answer two key elements
of CFPB regulations: consumer complaint management and recurring training.

Additionally, each participating vendor will have access to
MBSi's compliance liaison to help answer all questions regarding specific
aspects of lender-required vendor compliance.

"This compliance solution is exactly what the repossession
industry needs, and it's coming at just the right time," RISC president
Stamatis Ferarolis said. "Compliance Made Easy solves what is currently a
critical issue for companies in our industry, and RISC is very excited to be a
part of the program."

For more information on the Compliance Made Easy program,
visit Comply-ez.com or call MBSi Capital at (602) 864-7847.

For more information on Vendor Comply, visit
Comply-ez.com/VendorComply, and for more information on Training Comply,
visit Comply-ez.com/TrainingComply.

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