Lender Compliance Technologies (LCT), a compliance solutions company, today unveiled Refund Control™, the first comprehensive, lender-controlled solution for managing and tracking cancellations and refunds of F&I products, such as guaranteed asset protection (GAP) and vehicle service contracts (VSCs).
Refund Control finally standardizes and streamlines the cancellation and refund process of F&I products due to early payoffs, repossessions, and total loss. Most importantly, it gives control of the workflow to lenders, so they can actively eliminate errors that can result in regulatory issues or worse.
“Federal and state regulators hold lenders responsible when consumers do not receive the correct refund, no matter where the error occurred in the process. Refund Control changes all that by making it easy for lenders of any size to protect themselves, their consumers, and their relationships with dealers,” Glenn Munro, President of LCT said.
Munro said Refund Control is a fully auditable system of record for banks, credit unions, and financing companies. It’s configured using industry best practices to provide lenders with audit-ready transparency from cancellation request to refund.
With Refund Control, lenders can send dealers and F&I product providers cancellation notices in real time, speeding up the entire process and empowering them with data needed to act quickly. As a result, consumers can get their refunds faster than ever before.
For lenders, Refund Control offers implementation in days with zero development, as well as a roadmap for future development to meet lenders’ long-term needs for compliance-driven solutions.
The base solution of Refund Control is pre-configured with robust dashboards and reporting and all-important security protocols on par with large banking institutions. It can also be customized based on the various needs of users, managers, and executives, including workflow with third-party integrations.
Lender Compliance Technologies (LCT) is setting a new standard in compliance solutions for auto, RV, marine and powersports lenders. It brings together extensive industry experience in lending, recoveries and compliance, and SaaS development to create a compliance-driven technology solutions company. LCT focuses on serving the needs of lenders with audit-ready solutions based on industry practices and a forward-thinking roadmap. Its first product, Refund Control™, helps lenders take control of the cancellation and refund process of F&I products and protect against operational errors that can ultimately be found by regulators to violate consumer protection laws. With the regulatory landscape intensifying, LCT is the right tech from the right team at the right time. For more information, please explore https://www.lct1.com/.