SOUTHLAKE, Texas--(BUSINESS WIRE)--Lender Compliance Technologies (LCT) has been recognized as an “Emerging 8” company for its breakthrough product Refund ControlTM, an innovative cancellation and refund platform for voluntary protection products (VPP) that helps lenders stay compliant and streamline their processes.
“It’s an honor to be one of the Emerging 8 named this year by the Cherokee Media Group in recognition for our work to improve the auto industry through innovation,” Glenn Munro, LCT president and founder, said. “We’ve been able to solve the current deficiencies in the VPP cancellation process with the contributions of a stellar group of stakeholders that includes lenders, providers, technologists, and operational subject matter experts.”
Munro explained many lenders still use manual processes and multiple, disparate systems to manage their VPP cancellations and refunds, increasing their risk as well as their costs. LCT has been able to demonstrate the value of automation that allows for easy tracking, monitoring, and reporting in a single cloud platform.
“Cloud platforms offer reliable, secure, scalable, and high-performing software without a fixed cost for infrastructure. With Refund Control you get additional benefits. It’s built on Salesforce and offered through the Salesforce App Exchange where it can simply be downloaded as opposed to typical, time-intensive system implementations.”
Refund Control was developed as federal regulators and state attorneys general are ramping up their scrutiny of VPPs to further ensure consumers are protected at loan end. For example, in February, California introduced bill AB 2311 that outlines new VPP regulations for lenders in its state.
“Compliance is always evolving, so we must stay proactive and continually innovate rather than follow the traditional software development process that occurs in phases. Our mandate is to consistently enhance our products based on lenders’ needs and input.”
The "Emerging 8" is an annual award program presented by Westlake Portfolio Management in partnership with Cherokee Media Group. Honorees are featured in the publisher’s Auto Fin Journal and celebrated at its Auto Intelligence Summit, where entrepreneurs and experts gather to germinate new ideas for making a positive impact on the auto industry.
For more information or a demo of LCT’s Refund Control contact us.
Lender Compliance Technologies (LCT) is setting a new standard in compliance solutions for auto, RV, marine and powersports lenders. Industry-experienced experts in lending, recoveries and compliance, and SaaS development have created a solution that enables lenders to take control of F&I product cancellations and refund processes. LCT’s flagship product, Refund Control™ - a lender-controlled workflow - was designed to protect against operational errors that may violate consumer protection laws. With the regulatory landscape intensifying, around VPP/GAP processes, LCT is the right tech, from the right team, at the right time. In 2022, LCT was named an “Emerging 8 Company to Watch” by Cherokee Media Group. To learn more visit https://www.lct1.com/.