Regulators are turning a closer eye on how ancillary product refunds are managed. Chances are, your credit union is missing crucial data to ensure this process is seamless and automatic for indirect borrowers. And that’s a big problem. Here’s why:
Workflow
When members pay their loans off early, a vehicle is repossessed, or even considered a total loss, ancillary products may require refunds. This is rarely tracked efficiently on your indirect portfolio. Do you know if your members have outstanding refund claims on products your credit union did not sell?
Making Members Whole
The refund process is tedious at best (not that we had to tell you!), making it unlikely members will get what they’re owed simply and quickly. Refund Control™ ensures you have the data, processes, and tools to get members their money.
Lender Protection
Right or wrong, even though those products were sold by dealers, your credit union is responsible. Thus, you must have a system to quickly and efficiently identify & help process these refund claims, or face the non-compliance consequences.
Putting You In Charge
Refund Control™ from Lenders Compliance Technologies puts your credit union in control of all ancillary product refunds, along with the full details on every policy held within your indirect portfolio.