Lender Compliance Technologies (LCT), a compliance vendor for RV lenders, has been recognized as an “Emerging 8” company for its Refund Control product.
Refund Control is a refund platform for voluntary protection products (VPP) to help lenders stay compliant and streamline their processes.
“It is 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,” said Glenn Munro, LCT president and founder. “We have 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 said many lenders still use manual processes and multiple, disparate systems to manage VPP cancellations and refunds. LCT’s Refund Control provides easy tracking, monitoring and reporting in a single cloud platform, he said.
“Cloud platforms offer reliable, secure, scalable, and high-performing software without a fixed cost for infrastructure,” Munro said. “With Refund Control you get additional benefits. It is built on Salesforce and offered through the Salesforce App Exchange where it can simply be downloaded as opposed to typical, time-intensive system implementations.”
LCT stated Refund Control was developed as scrutiny of VPPs heightened. In February, California introduced a bill outlining new VPP regulations for state lenders.
