Update November 2022 – Landmark’s compliance management systems have allowed our business to grow steadily over the last half year. To provide unique ways to explore our purchasing programs, Landmark even created a detailed YouTube video to help guide our prospective clients through our clear, comprehensive, and compliant framework.
March 2022 – Building a receivables business the last two years carried a few challenges. Plans were slowed by a pandemic economy, remote workforce, and changing regulatory landscape. However, the challenges became our greatest strengths, formative to our business development. Rather than reworking the status quo, we found ourselves in the unique position of laying the original groundwork and structure of a business for future success proactively rather than reactively. As a result, Landmark was developed with thoughtful intentionality and carefully-planned compliance management systems integrated into every layer of what we do.
Policies & Procedures
Starting with our Standard Operating Procedures and all of our policy documentation, we had the advantage of developing and implementing policies and procedures in full awareness of Regulation F. We worked closely with the highly skilled and talented Daniel Schindler of Pro Forma Inc., a well-known financial services compliance and auditing consultant, to strategically develop the documentation and assist with implementation. Daniel has extensive experience working with clients in the financial services industry, including other debt buyers, and continues to be an integral part of our compliance team. With a highly experienced executive team, we maintain a lean and nimble structure to remain competitive and efficient, with key outsourced professionals such as Daniel adding robust insight and input. While our team is growing, our intentionally lean structure allows us to place competitive bids in tandem with top-quality post-sale account management and customer service.
Buyer Certification Process
Landmark specializes in purchasing non-performing receivables portfolios including credit card, auto deficiency, mortgage loan, revolving or installment loans, and Chapter 13 bankruptcy portfolios. We are currently in the process of joining the EverChain Certified Network of debt buyers. Our clear, comprehensive, and compliant framework allows us to seamlessly incorporate our security policies, compliance management system, and high standards into larger avenues for growth. Creditors will receive organized and well-packaged information quickly and easily, knowing they can have confidence in our licensing, high standards, acquisition ability, compliance systems and brand protection.
Licensing Matrix
Landmark maintains licensing in over 25 states and is continuously expanding. We’ve partnered with Melissa Ostrowski, Vice President and Licensing Agent of Network Licensing Group, LLC in Depew, NY, to assist with ongoing organization and maintenance of the licensing process. Issuers have the peace of mind that our licensing, bonds, and E&O insurance are all comprehensively managed. Our strategic system ensures uninterrupted licensing and coverage in an ongoing manner. All pertinent documentation remains readily available in an organized and secure database, allowing for ease of transfer to sellers and auditors.
RMAI Certified Receivables Business
Landmark is an RMAI Certified Receivables Business and completed a full third-party compliance audit through Pro Forma, Inc., an RMAI Authorized Audit Provider. Due to the layers of preparatory groundwork already laid, we were pleased to know we passed with flying colors. We plan to continue both our CRB certification and our partnership with Pro Forma to continually stay ahead of the curve. The beauty of our partnership has been to build the foundation of our compliance management system from the ground up in such a way that ongoing maintenance is intuitive, continuous, and proactive with scalability and adaptability for any future updates.
Network Auditing Program
Landmark outsources all accounts to a national network of vetted collection agencies and law firms, implementing a purchasing and recovery strategy that is sensitive to credit issuers and branding. We work diligently on maintaining the highest consumer recovery standards and react quickly to address the concerns of consumers and issuers alike. To ensure these standards, we onboard selectively and maintain ongoing oversight. We have been working diligently with Pro Forma, Inc. to prepare a full-scale vendor audit program appropriate to ensuring compliance with FDCPA/Regulation F, FCRA, GLBA, SCRA, TCPA, and all industry governance including regional and state regulations applicable to our network partners. Our audit program includes in-person onsite visits, routine oversight, and ongoing communication.
SOC 2 Type 1 Certification
Landmark is currently working with AARC360, a nationally certified CPA firm, to prepare for an upcoming SOC 2 Type 1 audit and certification. This is a rigorous external compliance audit ensuring Landmark’s adherence to secure data management systems and controls. Service Organization Control 2, or SOC 2, was developed by the American Institute of Certified Public Accountants (AICPA) as an auditing procedure and reinforces a company’s commitment and adherence to the AICPA Trust Services Criteria principles that assure the security, availability, processing integrity, confidentiality, and privacy of data stored in the cloud. These standards help to guard against data breaches as well as ensure strict data privacy standards for the protection of both consumers and creditors.
“We’re excited about the position we’re in for future growth. We didn’t start out knowing the roadblocks that the industry and everyone would encounter in 2020 and 2021, but we can confidently say we’ve worked it all to our benefit. We can assure issuers who may have concerns about selling that we were built for this, and we’re more fully prepared to go forward because of the environment in which we developed our business. It’s given us a competitive edge. Compliance with Reg F didn’t require re-thinking or re-adjustment; instead, it has been ingrained into our design from the outset. We look forward to demonstrating this to the industry and consumers as we continue to expand our purchasing power and partnerships,” said Mark Lesinski, the Buffalo Office’s Director of Business Development.
If you need more information about the benefits of selling your distressed receivables or have a query about how to become a part of our outsourced network, please contact us. Please follow us on LinkedIn for our latest news in real-time.
About Landmark Strategy Group
Landmark Strategy Group, LLC is a nationally licensed and bonded receivables management firm located in West Seneca, NY that specializes in passively purchasing non-performing receivables portfolios. Mark Lesinski and the rest of Landmark’s executive team have a combined total of 60+ years of experience in the ARM industry and have developed efficient and compliant processes that deliver a quick valuation, streamlined purchase, and exceptional customer service after the sale.
