Lender Compliance Technologies passes 1 million processed VPP cancellations
Image courtesy of the company.
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Lender Compliance Technologies (LCT) highlighted a major operational achievement on Wednesday.
The provider of compliance solutions for managing F&I product refunds announced it has now successfully processed more than 1 million voluntary protection product (VPP) cancellations through its cloud-based platform, Refund Control.
As regulatory expectations on the state level increase and loan portfolios grow more complex, LCT noted that lenders are seeking proven platforms that can handle volume without sacrificing accuracy, auditability or operational efficiency.
The company said this milestone underscores LCT’s ability to support high-volume banks, finance companies and credit unions with complex cancellation and refund requirements at scale.
“Reaching 1 million cancellations is a reflection of strategic investments LCT made in technology, infrastructure and talent,” LCT CEO Glenn Munro said in a news release. “From day one, we built Refund Control to scale.
“This milestone is proof that automation works at enterprise volume and reinforces our ability to support large lenders and finance companies that need consistent, high-volume processing that is accurate and auditable,” Munro continued.
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The company acknowledged processing cancellations at this magnitude requires intelligent software and infrastructure, disciplined workflows and teams built to manage continuous volume.
Refund Control by LCT can provide lenders with a centralized, auditable system for managing VPP cancellations and refunds, including direct refund quotes, automated workflows, tracking and reporting.
LCT said its platform, combined with its team of VPP refunds, cancellations and compliance experts, can help lenders reduce operational strain while also meeting regulatory requirements and enhancing recoveries.
Today, LCT said it has the capacity to process more than 100,000 VPP cancellations per month, providing lenders of any size an audit-ready system of record with direct connections to more than 900 providers for verified refund quotes, real-time dealer performance tracking and automation proven to reduce workloads by up to 95%.
Learn more at lct1.com.
