An Executive Q&A Session with Stephanie Eidelman, CEO, The iA Institute

Walker White

May 19, 2021

In the wake of the Hunstein case, we examine how these consumer-centric policies, laws and market conditions are causing disruption and uncertainty in the collections industry. There are three take-aways from our interview with Stephanie Eidelman, CEO of The iA Institute.

Regulators are placing the compliance responsibility at the feet of Creditors.

Stephanie Eidelman: As we remember from former CFPB Director Cordray, they were going to write rules for first parties.  They set that aside.  The Trump administration didn’t pick it up. I would expect these will be picked up again with the Biden administration. So, your platform nicely anticipates that.

Walker White:  Absolutely.  It ultimately comes down to the fact that we have better technology today to solve collaborative problems.  It’s important that the collaborative platform is for all parties to work together in a compliant, efficient manner to achieve an outcome we all desire.  This is good for all parties involved, but also for the consumer as well, to make debt collections as palatable as possible.

Our solution, called Oliver CLX, which stands for collections litigation exchange, automates, and orchestrates all repetitive, legal, and regulatory processes, bringing all the required parties together onto a single platform to drive more revenue, help them maintain rigorous compliance, and ultimately simplify the litigation process.  This gives creditors more control over the process and ensures compliancy across the channel.

Hunstein is just the latest example of the need for change in the Collections Industry.

Stephanie Eidelman:  In the last week or two, we have all been consumed by this case that came out of nowhere, Hunstein.  I’d be interested in your perspective on how the market can deal with compliance fire drills in a better way.

Walker White: I think Hunstein is an example of why change is required in this industry.  If we look back over the last 15-18 months, think about all the disruptions in the industry.  COVID—obviously, unexpected macro activity.  And then Regulation F, which was expected and will require a lot of change.  Some of these changes can be awfully expensive and disruptive.  And ultimately, these changes expose all companies in the supply chain to compliance risk, from the creditor to the master servicer, to the law firm, etc.

We think the trend is towards what we call “creditor-managed collections,” rather than the more decentralized approach that we have today.  This is not going to be creditors dictating the steps that the law firm or others must take, but rather think of it as the creditor setting the table.  That’s where the Oliver platform is valuable to manage all the consumer data in a centralized repository, and then farm it out to anyone who is authorized to use it.  This allows those creditors to implement, in a configurable group of servicers or vendors that they want to implement their collections strategy, facilitate the data transmissions, because it’s the creditor’s platform.

This allows us to step right around the Hunstein problem, because it’s not going to a third-party and then from that third-party to someone else. The creditor is authorizing the release of the information directly.  It doesn’t matter whether it’s for agency, legal, or debt sales.  Ultimately, we are centralizing and enforcing the consumer preference data side of that as required by Reg F.

We are no longer playing telephone, where we toss files from person to person.  With a creditor-driven model, the creditor puts the data into a platform where everyone can operate on it seamlessly. And I think that’s the difference that we’re going to see going forward.

Built-in Compliance stabilizes the process.

Stephanie Eidelman:  It’s interesting that you talk about centralization as a way to standardize or maybe stabilize the process.  How does that look different tomorrow from today?

Walker White:  I think a good way to consider this is through the lens of the compliance being built into the solution.  Historically the creditor would send a file out, they would rely upon their servicers, the firms, and so on to manage it.  But think about how TurboTax, which took all the laws, rules, and procedures of the tax code, and basically brought it into a platform where even someone like myself can file my taxes online because they built all that compliance into it.  The Oliver platform has built-in compliance rules, such that anyone who’s operating in the environment gets the benefit.

For example, the creditor wants the demand letter sent in 35 days, not 34 and not 36.  The platform ensures that will happen and documents that it was sent.  Next the suit is going to be filed…automatically released…never a day early, never a day late, always on time.  When it comes to proving attorney meaningful involvement, if you’ve got a platform which can oversee all processes, it’s easy for them to see that the attorney looked at this matter for seven minutes while they evaluated the balance and who it was being mailed to, and so on.  Ultimately, I think the big difference we’re seeing; rather than leaving it to chance and to the individual parties, the creditor can oversee the process.  Not enforce it but oversee it and make sure everything is followed in the way they expect it to.

Listen to the full interview here.

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Executive Q&A with Stephanie Eidelman, CEO of The iA institute

Walker White

May 19, 2021

Why 2 of top 5 Creditors are Choosing A New Paradigm for Collections

WASHINGTON, D.C. – May 19, 2021—Oliver Technology Corporation, the provider of collections litigation software, is pleased to announce an executive Q&A session with Stephanie Eidelman, CEO of The iA Institute.

In the wake of the Hunstein case, we examine how these consumer-centric policies, laws and market conditions are causing disruption and uncertainty in the collections industry. In the interview you’ll hear Walker White, CEO of Oliver Technology Corporation discuss how 2 of the top 5 creditors have chosen a new path for collections that allows them to minimize the impact of these changes.  To protect their brand and reduce operational risk, creditors need to make a paradigm shift from a decentralized approach to a centralized, creditor-driven approach.

In addition, Walker and Stephanie talk about how built-in compliance rules minimizes the chaos that changes, like Hunstein, create.  This solution is a unique collaboration platform for all parties across the collections litigation channel from creditors to law firms, to fourth party vendors.

Listen to the full interview here.

InsideARM Executive Q&A
Stephanie Eidelman, CEO of The iA Institute interviews Walker White, CEO of Oliver

 

To hear about this new approach from a creditors perspective, watch our latest webinar with Heidi Staloch, US Bank, Stefanie Jackman, Ballard Spahr, Walker White, Oliver Technology Corporation and Thomas Michael, Oliver Technology Corporation.  The panel will discuss:

  • Why creditors are shifting to a centralized, creditor-driven model.
  • How a free flow of consistent, accurate data is the source of the solution across the creditor’s strategy.
  • What end-to-end oversight and control means for collections and consumers.

This is a three-part webinar series.  Register to be invited to the other two webinars.

Part One: Collectors Perspective

How 2 of the Top 5 Creditors are Poised to Win in this New Paradigm for Today and Tomorrow.

Available On-Demand

Part Two: Regulator Perspective

How Creditors can Align their Strategies to Meet Regulators Future Expectations

June 2, 2021 | 1:00 PM EDT

Part Three: Servicers Perspective

How Creditors can Align their Strategies to Meet Regulators Future Expectations

June 30, 2021 | 1:00 PM EDT

(link this to the webinar on-demand page)

 

About Oliver Technology Corporation

Oliver transforms legal servicing by consolidating data collection, orchestrating team collaboration and accelerating litigation strategies on a cloud-based platform with unprecedented automation and compliance.  Our collections litigation platform gives creditors current visibility of their litigation process with built-in federal, state, local and venue-specific laws, rules and procedures.

Designed by experienced collections litigators and in conjunction with creditors, Oliver Collections Litigation Exchange (CLX) provides a complete solution from pre-placement to settlement.  Built around the core workstreams of consolidate, orchestrate, and litigate, Oliver CLX drives increased revenue, rigorous compliance, and simplified litigation, ensuring collections are fast, cost effective and fair.

For more information about Oliver Technology Corporation, visit www.olivertechnology.com.

Contact:

Oliver Technology Corporation
Walker White, Chief Executive Officer
202-997-1209
Walker.white@olivertechnology.com

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A New Paradigm: Creditor-Driven, Consumer-Centric Collections

Walker White

May 10, 2021

WASHINGTON, D.C. – May 10, 2021—Oliver Technology Corporation, the provider of collections litigation software, is pleased to announce a new webinar series that gets to the heart of minimizing disruptions to collections like the Hunstein case.

The Hunstein case is just the latest example of how consumer-centric policies, laws and market conditions are causing disruption and uncertainty in the collections industry. And it won’t be the last. Here are some recent examples:

  • COVID pandemic
  • Dodd Frank vendor oversight requirements
  • New debt collection rules and Reg F
  • New administration and regulatory activism

All these changes are designed to protect consumers and regulators are forcing creditors to be responsible for this consumer-centric movement.  To protect their brand and reduce operational risk, creditors need to make a paradigm shift from a decentralized approach to a centralized, creditor-driven approach.

This three-part webinar series will explore this centralized, creditor-driven approach from three different perspectives: creditor, regulator, and servicers.

Part One: Collectors Perspective (On-Demand)

How 2 of the Top 5 Creditors are Poised to Win in this New Paradigm for Today and Tomorrow.

May 12, 2021 | 3:00 PM EDT

Part Two: Regulator Perspective (Register)

How Creditors can Align their Strategies to Meet Regulators Future Expectations

June 2, 2021 | 1:00 PM EDT

Part Three: Servicers Perspective (Register)

Minimize Chaos in a Dynamic Environment

June 30, 2021 | 1:00 PM EDT

Watch the PART ONE webinar on-demand and hear Heidi Staloch, USBank, Stefanie Jackman, Ballard Spahr, Walker White, Oliver Technology Corporation and Thomas Michael, Oliver Technology Corporation discuss:

  • Why creditors are shifting to a centralized, creditor-driven model.
  • How a free flow of consistent, accurate data is the source of the solution across the creditor’s strategy.
  • What end-to-end oversight and control means for collections and consumers.

 

About Oliver Technology Corporation

Oliver transforms legal servicing by consolidating data collection, orchestrating team collaboration and accelerating litigation strategies on a cloud-based platform with unprecedented automation and compliance.  Our collections litigation platform gives creditors current visibility of their litigation process with built-in federal, state, local and venue-specific laws, rules and procedures.

Designed by experienced collections litigators and in conjunction with creditors, Oliver Collections Litigation Exchange (CLX) provides a complete solution from pre-placement to settlement.  Built around the core workstreams of consolidate, orchestrate, and litigate, Oliver CLX drives increased revenue, rigorous compliance, and simplified litigation, ensuring collections are fast, cost effective and fair.

For more information about Oliver Technology Corporation, visit www.olivertechnology.com.

Contact:

Oliver Technology Corporation

Walker White, Chief Executive Officer

202-997-1209

Walker.white@olivertechnology.com

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A New Paradigm: Creditor-Driven, Consumer-Centric Collections

Walker White

May 10, 2021

The Hunstein Case is just the latest example of how consumer-centric policies, laws and market conditions are causing disruption and uncertainty in the collections industry. And it won’t be the last. Here are some recent examples:

  • COVID pandemic
  • Dodd Frank vendor oversight requirements
  • New debt collection rules and Reg F
  • New administration and regulatory activism

All these changes are designed to protect consumers and regulators are forcing creditors to be responsible for this consumer-centric movement.  To protect their brand and reduce operational risk, creditors need to make a paradigm shift from a decentralized approach to a centralized, creditor-driven approach.

This three-part webinar series will explore this centralized, creditor-driven approach from three different perspectives: creditor, regulator, and servicers.

Part One: Collectors Perspective (on-demand)

How 2 of the Top 5 Creditors are Poised to Win in this New Paradigm for Today and Tomorrow.

May 12, 2021 | 3:00 PM EDT

Part Two: Regulator Perspective (register)

How Creditors can Align their Strategies to Meet Regulators Future Expectations

June 2, 2021 | 1:00 PM EDT

Part Three: Servicers Perspective (register)

Minimize Chaos in a Dynamic Environment

June 30, 2021 | 1:00 PM EDT

Watch PART ONE webinar today and hear Heidi Staloch, USBank, Stefanie Jackman, Ballard Spahr, Walker White, Oliver Technology Corporation and Thomas Michael, Oliver Technology Corporation discuss:

  • Why creditors are shifting to a centralized, creditor-driven model.
  • How a free flow of consistent, accurate data is the source of the solution across the creditor’s strategy.
  • What end-to-end oversight and control means for collections and consumers.

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