Lender Compliance Technologies (LCT) and Blue Elk Advisors are partnering on compliance technology to ease F&I product cancellations and refunds.
The partnership offers lenders technology and operational approaches to mitigate risk and increase efficiency when cancelling and refunding voluntary protection products (VPP), such as GAP.
Tyler Gray, LCT Head of Sales, said: “With regulators putting lenders under the microscope on their VPP cancellation and refund practices, lenders must create better processes and controls to meet expectations. While LCT provides the best system to facilitate a VPP cancellation and refund process, Blue Elk Advisors can help lenders create a custom-tailored process to meet their compliance needs.”
According to Blue Elk Advisors co-founder and Managing Partner Mike Chalmers, the newly founded consulting firm brings real-world lender experience to aftermarket compliance.
Blue Elk’s expert team has designed refund processes and solutions for several lenders over the last eight years and participated in numerous state and federal examinations.
“As more states pass legislation regarding ancillary product cancellations, lenders are challenged to implement processes that were not previously required,” Chalmers said. “Until now, there has been no resource with the operational expertise to guide lenders through the design and execution process. Blue Elk Advisors is that resource and has the knowledge to assist lenders of any size reduce compliance risk and improve consumer treatment.”
LCT builds lending compliance platforms for aftermarket product cancellations. Blue Elk Advisors is a consulting firm specializing in aftermarket product refunds.
