Lender Compliance Technologies Named “Emerging 8” Company to Watch by Cherokee Media Group

0

SOUTHLAKE, Texas–(BUSINESS WIRE)–Lender Compliance Technologies (LCT) has been recognized as an “Emerging 8” company for its breakthrough product Refund ControlMTan innovative cancellation and refund platform for Voluntary Protection Products (VPPs) that helps lenders stay compliant and streamline their processes.

“It is an honor to be one of 8 Emerging Companies named this year by the Cherokee Media Group in recognition of our work to improve the automotive industry through innovation,” said Glenn Munro, President and Founder of LCT. “We were able to resolve the current shortcomings of the VPP cancellation process thanks to the contributions of an exceptional group of stakeholders including lenders, vendors, technologists and operational subject matter experts.”

Munro explained that 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 was able to demonstrate the value of automation that enables easy tracking, monitoring and reporting on a single cloud platform.

“Cloud platforms provide reliable, secure, scalable, and high-performance software with no fixed infrastructure cost. With Refund Control, you get additional benefits. It is based on Salesforce and offered through the Salesforce App Exchange where it can simply be downloaded, unlike typical, time-consuming system implementations.

Repayment monitoring has been developed as federal regulators and state attorneys general step up their scrutiny of VPPs to further ensure consumer protection at the end of the loan. For example, in February, California introduced Bill AB 2311 which outlines new VPP regulations for lenders in its state.

“Compliance is constantly evolving, so we need to stay proactive and constantly innovate rather than following the traditional software development process that happens in phases. Our mandate is to constantly improve our products based on lenders’ needs and feedback.

The “Emerging 8” is an annual awards program presented by Westlake Portfolio Management in partnership with Cherokee Media Group. Winners are featured in the publisher’s magazine Auto End Log and celebrated at its Auto Intelligence Summit, where entrepreneurs and experts come together to germinate new ideas to positively impact the automotive industry.

For more information or a demonstration of LCT’s refund control, contact us.

Lender Compliance Technologies (LCT) sets a new standard in compliance solutions for automotive, RV, marine and powersports lenders. Experienced experts in the lending, collections and compliance industry, as well as SaaS development, have created a solution that allows lenders to take control of the cancellation and refund processes for F&I products. LCT’s flagship product, Refund Control™ – a lender-controlled workflow – was designed to protect against operational errors that could violate consumer protection laws. With the regulatory landscape intensifying around VPP/GAP processes, LCT is the right technology, from the right team, at the right time. In 2022, LCT was named “Emerging 8 Company to Watch” by Cherokee Media Group. To find out more visit https://www.lct1.com/.

Share.

Comments are closed.