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.