PCMI Expands into the Lender Compliance Market
26 Junio 2024 - 10:15AM
PCMI, the industry’s leading technology partner for automotive and
consumer extended warranty administration solutions, is pleased to
announce the company is expanding into the lender compliance
market.
In the last several years, increased regulatory attention for
ensuring finance and insurance (F&I) compliance and refunds are
timely and accurately processed has raised awareness through the
FTC CARS Rule and the Consumer Financial Protection Bureau (CFPB)
on holding lenders accountable. This new surge of scrutiny and
oversight has required lenders, and other affected parties, to
invest in solutions that ensure compliance. Given the close
relationship between warranty (or service contract) management with
lenders, it was a natural evolution for PCMI.
"The decision to enter this new market as a technology provider
is a strategic move for PCMI," said Mark Nagelvoort, CEO at PCMI.
"It reinforces our deep understanding of market dynamics and
positions us as a vital ally in the evolving landscape. Lender
compliance is not a luxury but a necessity, and PCMI is poised to
lead the charge."
Known for its flagship Policy Claim and Reporting Solution™
(PCRS) product, PCMI has established itself as the leader in
extended warranty and service contract management solutions
throughout the F&I and consumer markets. By entering the lender
compliance market, PCMI is addressing challenges for lenders,
administrators, and business processing operations (BPOs) by
leveraging technology and data throughout the value chain.
"Lender compliance has emerged as a significant challenge for
both lenders and F&I administrators," said Clyde Owen,
president at PCMI. "With the largest network of F&I
administrators in our network, lenders will receive precise refund
estimates in minutes, seamless payment distributions, compliance
tracking, and reporting that make audits a breeze."
PCMI's lender compliance solution is currently under
development, with an anticipated launch slated for late summer
2024. For more information, complete the contact form on our
website or reach out to Laura Scahill, director of marketing, at
laura.scahill@pcmicorp.com.
About PCMI PCMI is the leading provider of
technology solutions for the finance and insurance (F&I) and
consumer product markets. Our modern cloud-based platform empowers
third-party administrators, dealers, original equipment
manufacturers, and lenders to revolutionize their extended
warranty, service contract, and refund payment management. With a
team of over 200 experts across our global offices, we are
committed to pushing the boundaries of technology to deliver
unparalleled service and innovation, ensuring our clients stay
ahead in today’s rapidly evolving markets. Learn more about
PCMI at
https://www.pcmicorp.com.
Media Contact:Jennifer
OverhulseSt. Nick Media Services859-803-6597
jen@stnickmedia.com