The newly formed EverChain UK will leverage EverChain’s decade of experience and proprietary recovery management solution to bring compliant debt sales to the UK
MONITOR | RECOVER | SELL
We sat down with EverChain's AVP of Business Development, Nicholas (Nick) Wheeler, who joined our team about a month ago. We wanted to understand the "Why" behind his choice to join EverChain and hear what he loves about the team after his first month on the job.
My next guest on the Fintech One-on-One podcast is Matthew Wratten, the CEO and founder of EverChain (formerly known as Debt Trader). EverChain has created a platform that allows debt buyers and sellers to manage their non-performing loans with a level of technology and compliance not before seen in the industry. In this podcast you will learn:
The founding story of EverChain.
The state of the debt buying industry today.
What was wrong with how the debt sales process worked historically.
How EverChain has made it easier.
What is involved in the onboarding process for lenders.
The different lending verticals they operate in today.
The thinking behind the rebrand to EverChain.
How they are working with the buy now pay later companies.
The kind of volume you need to participate on EverChain’s platform.
How they work with debt buyers.
How they deal with buyers that receive a lot of complaints.
Matthew’s thoughts about when lenders should be selling their non-performing loans.
How they provide guidance to sellers on portfolio pricing.
His thoughts on the action the CFPB has taken against debt collectors.
How they are keeping on top of the changing rules at the different levels of government.
What is next for EverChain.
Below is the transcript - you can find the full episode on the LendIt website.
ARE YOU TAKING UNNECESSARY RISKS WITH YOUR CUSTOMERS' PII?
As a lender, you are entrusted with large amounts of Personally Identifiable Information (PII) about your consumers and, according to several federal statutes protecting PII,** you are responsible for the security of that data. As the originating creditor, you likely have security and access protocols in place to protect this data while it remains inside your organization. But what happens when you sell or place your nonperforming accounts on the secondary market? Is your consumer’s PII still protected?
With nearly 2.2 million vehicle repossessions every year and over $600 billion in auto loans in the United States, many consumers may be wondering what leads to repossession and why they still owe money even after their car has been taken away. This is called an auto deficiency balance.
Here’s another opportunity to join in the awesome charitable work that is such a cornerstone to many of our industry’s businesses and professionals! Receivables Roundtable Founder, Adam Parks talks with Nancy Hughes of Connect1, LLC and Brooke Teal of EverChain about their ten-week fundraising campaigns for the Leukemia & Lymphoma Society. Man & Woman of the Year is a philanthropic competition to support blood cancer research in the United States. Our industry boasts not just one, but two candidates this Spring! For you West Coasters, Nancy Hughes is running her campaign in San Diego, CA. For the East Coast crowd, Brooke Teal’s campaign is based in Atlanta, GA.
Learn more and join a team (or both!) at mwoy.org. If your company makes a donation, be sure to let us know! Learn more using the links below.
Brooke Teal - https://www.linkedin.com/in/brooke-teal/
EverChain - https://www.linkedin.com/company/everchaincorp
This was originally posted by Receivables Info with Adam Parks on March 14, 2022. Check out the links below to learn more.
Watch the video HERE.
If you are like most consumer lenders, you know a portion of your loan portfolio will default. As a creditor, there are three things you can do when a customer fails to pay their debt:
1. Collect: Attempt to collect internally or Assign to a law firm or third-party collection agency
2. Sell: Sell the defaulted account and add revenue to your financial bottom-line
3. Nothing: Consider it a cost of doing business and write off the loss.
By Matt Grossman and Matt Wirz
Originally Posted on April 11, 2022 in the WSJ, download the PDF or view the full article here.
Demand softens for bonds backed by loans from riskier borrowers, along with shares of fintech consumer-lending companies. Investors are growing more skittish about bonds backed by consumer debt, worried that inflation and slowing growth will increase the number of low-income borrowers falling behind on car payments or credit card. Buyers of bonds backed by subprime car loans or credit cards are demanding the highest premiums over interest-rate benchmarks since mid-2020. Meanwhile, investors have punished shares of some financial technology companies that helped fuel a recent surge in consumer borrowing, such as Affirm Holdings and Upstart Holdings.
When lenders decide to sell their debt, they have options. Many choose to use a broker because they don't want to invest in the staff and the technology it would take to compliantly sell debt directly to a buyer. Sure, you could hire the staff, train them, and implement the technology – but that's a big lift. Because it's not just the technology expense upfront, but it's an ongoing expense to ensure that your technology doesn't just meet the needs of today's regulatory environment, but tomorrow's as well. You pay a broker a fee to cover the transaction, but it does not include compliance oversight – that still lies with you as the original creditor.
We sat down with EverChain's AVP of Business Development, Mike Walsh, who joined our team about a month ago. We wanted to understand the "Why" behind his choice to join EverChain and get his initial impressions from Month One.