FAQ – Section for Banks & Financial Institutions
NFARS is a nationwide contractor network specializing in asset recovery, repossession services, and property inspections for financial institutions. Instead of hiring a single repossession company, banks and lenders can access a vetted pool of independent contractors who provide efficient and legally compliant recovery services.
NFARS contractors offer a range of services, including:
✔ Collateral Recovery & Repossession (vehicles, equipment, real estate, etc.)
✔ Asset Inspections & Evaluations
✔ Foreclosure-Related Services (lock changes, property preservation, etc.)
✔ Process Serving & Debtor Notifications
✔ Secure Storage & Asset Marketing for liquidation
Each contractor in the NFARS network undergoes a screening and approval process that includes:
✔ Background & licensing verification (as required by state law)
✔ Training on repossession, asset recovery, and compliance
✔ Performance monitoring based on client feedback and job completion
Unlike traditional repossession agencies, NFARS operates as a network-based solution that:
✔ Gives banks access to multiple contractors instead of being limited to one firm
✔ Reduces service costs by allowing direct contractor engagement
✔ Ensures state-wide and nationwide coverage
✔ Offers additional services like asset marketing and inspections
No.
Every contract is related to the recovery, management, or re-marketing of specific assets and is assessed on a case-by-case basis.
Yes,
You have the option to select the services that align with your requirements and utilize only those that you deem fit for your particular situation.
Banks, credit unions, and lenders can easily partner with NFARS by creating an account and submitting job requests. The NFARS team will match assignments with the best-suited contractor in your region.
Yes, all contractors handling secured asset recovery must provide proof of:
✔ State-required repossession licenses (where applicable)
✔ General liability insurance
✔ Bonding (if required for certain asset classes)
Yes. NFARS contractors specialize in both secured and unsecured asset recovery, including:
✔ Vehicle repossession (auto loans, commercial trucks, RVs)
✔ Equipment recovery (construction, medical, industrial)
✔ Real estate-related services (lockouts, property management)
✔ Debtor collections support (field contact, asset location)
Contractors must complete NFARS onboarding, which includes:
✔ Legal compliance training on repossession laws and best practices
✔ Industry-specific guidance based on asset types they will recover
✔ Verification of experience and licensing before being assigned jobs
Job assignments are based on:
✔ Location proximity to the asset
✔ Specialized experience with that asset type
✔ Client preferences (if a financial institution has worked with a contractor before, they can request that same contractor)
Yes. NFARS follows all state-specific repossession laws and complies with federal regulations such as:
✔ The Fair Debt Collection Practices Act (FDCPA)
✔ Uniform Commercial Code (UCC) Article 9 for secured transactions
✔ State licensing laws for repossession agents (where required)
NFARS ensures compliance by:
✔ Verifying contractor licensing and insurance
✔ Providing standardized legal agreements between contractors and financial institutions
✔ Offering dispute resolution support in case of any issues
NFARS requires all contractors to complete compliance training covering:
✔ FDCPA guidelines for borrower contact
✔ State-specific repossession and foreclosure laws
✔ Proper documentation and reporting standards
NFARS has a complaint resolution process that includes:
✔ Immediate investigation of complaints
✔ Cooperation with legal authorities if necessary
✔ Contractor suspension or termination for policy violations
NFARS operates on a direct payment model where financial institutions pay contractors per job completed based on agreed-upon rates.
Banks can pay contractors directly or opt for NFARS-managed payments, where payments are processed through the platform for added security.
No. Financial institutions only pay for services rendered, with no upfront fees to access the NFARS network.
Yes. NFARS contractors can assist with asset evaluations, property condition reports, marketing repossessed items, and more. We also maintain a network of legal professionals and specialists who can assist in complex recovery situations.
Absolutely. Our asset marketing division can list repossessed items on RamAuction.com and other online marketplaces, helping banks recoup value quickly and professionally. Contractors can assist with photography, description writing, and even on-site showings if needed.
We provide banks with a dedicated point of contact, streamlined communication, detailed reporting, and access to a wide contractor network. NFARS acts as a support bridge between your institution and the people doing the fieldwork — reducing hassle while increasing compliance and efficiency.
FAQs – Starting Your Side Hustle or Small Business with NFARS
This section is for individuals who are interested in building a business, earning extra income, or becoming part of a national network of professionals offering asset recovery and field services. Whether you’re new to the industry or looking to expand your skills, these FAQs will guide you through what it’s like to work with NFARS.
NFARS is a nationwide network that trains and supports individuals who want to work with banks and lenders by offering field services like asset recovery, inspections, and property management. We give you the tools, training, and guidance to build your own independent business — no experience needed.
No. NFARS is designed for beginners. We provide training manuals, certification, legal resources, and sample forms to help you get started quickly — even if you’ve never worked in this industry before.
You can choose the services that match your interests and local demand, such as:
- Property and asset inspections
- Contacting debtors (notice delivery)
- Lock changes and property preservation
- Voluntary repossession coordination
- Marketing recovered assets through RamAuction
The cost to join is $150, which covers your full training, certification, legal forms, marketing materials, and access to the NFARS contractor network. Once you complete your first assignment or list your first asset, we reimburse your membership fee — so there’s no risk.
Most members can begin working within 1–2 weeks of completing the core training and certification. We’ll help you identify opportunities in your area and give you the tools to reach out to local banks, lenders, and real estate professionals.
Yes. While you’re responsible for building your local business, NFARS provides marketing materials, coaching, and direct leads when available. As we grow our network of partner banks, certified members may be prioritized for assignments in their area.
You’ll go through the NFARS Core Certification, which includes training modules on repossession, inspections, legal compliance, marketing, and working with banks. After completing the course, you’ll receive a certificate and be listed in the NFARS Contractor Database.
It depends on your state and the type of services you want to provide. We give you an overview of your state’s laws and help you find the right resources so you can get compliant. Not all states require licensing or bonding for the services we teach.
That’s perfectly fine. Many NFARS members treat this as a part-time or weekend side hustle. You choose how much you want to work and which services you want to offer based on your schedule and goals.
You’ll get paid directly by the banks or clients you serve. NFARS also helps you create invoices, payment request forms, and other documents to keep your billing professional and organized. In some cases, we may act as an intermediary for payments if we assign work through our network.
Yes. If you’re not ready to start your own business but still want to work in the industry, you can apply for hourly or contract-based work directly through NFARS or with one of our certified network members operating in your area.
Work may include tasks such as property inspections, delivering notices, photographing assets, assisting with cleanup or lock changes, and other support services. You’ll receive clear instructions and training for each assignment.
No. If you are hired for hourly work, NFARS will provide you with the training materials, instructions, and necessary resources at no cost. You will be trained for free and paid for completed work.
Yes. Anyone interested in hourly employment can apply by filling out our Job Application Form and uploading a resume. Prior experience in the industry is helpful but not required.
That depends on your location and the availability of work in your area. Some applicants may be hired directly by NFARS, while others may be hired by certified NFARS members who operate their own small businesses locally.
Simply visit our Careers page, fill out the job application form, and upload your resume. Our team will review your application and contact you if a position is available in your area.