CHICAGO, June 26, 2024 (GLOBE NEWSWIRE) -- 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.
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