Q. Are you using industry best practices for GAP/VSC cancellations and refunds? (Hint: If you can’t report on your whole process in real-time, the answer is no.)
A. Modern regulatory problems require modern solutions. Best practices will always include a full system that:
- Includes an audit trail and reporting for KPIs
- Maintains all supporting documentation in the system
- Uses standardized methods of processing cancellations and refunds that ensure both the consumer and lender are made whole
- Provides data accessibility (without vendor assistance) for upstream and downstream systems
Refund Control© by LCT includes all these features out of the box and can be deployed in less than 30 days.