Lender Compliance Technologies (LCT) is partnering with an artificial intelligence (AI) software company to power LCT’s document processing.
Informed.IQ provides generative AI solutions to financial institutions. Informed.IQ will support LCT’s software that extracts, analyzes and summarizes information from voluntary protection product forms and lending-related documents.
Lender Compliance Technologies President Glenn Munro said, “Through our partnership with Informed.IQ, LCT clients will have access to LCT IDP in which AI identifies specific product information so lenders can submit cancellations without manual intervention. … The reason to integrate with Informed was twofold—our first goal was to reduce lender cost by leveraging technology and to decrease the time it takes lenders to refund consumers, which also addresses regulatory concerns.”
The companies said the partnership will save lenders from manually reviewing deal packages to find aftermarket product information in order to orchestrate cancellations.
Informed.IQ CEO Justin Wickett said, “LCT and Informed are aligned in helping to reduce the manual work and time needed to complete ancillary product cancellations. LCT is a market leader in this space and we are excited to integrate our AI with their platform for aftermarket product cancellations.”
