Vendorly launches third-party oversight program
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Industry Spotlight
Wednesday, December 11, 2019
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Vendorly recently launched a third-party originator (TPO) oversight program for mortgage lenders to streamline the broker vetting process and create a central repository for due diligence documentation.
The program is designed to further enhance the Vendorly third-party risk management (TPRM) methodology and complements mortgage lenders’ existing vendor management programs, according to a press release.
With the growth the mortgage lending industry has seen in the number of mortgage brokers since the financial crisis, Vendorly noted in the release that lenders who utilize these brokers as TPOs are responsible for ensuring that the brokers are properly vetted and qualified – a process that can be complex and include the review of multiple data points before a broker can become approved and begin submitting loans.
With that in mind, Vendorly designed its TPO oversight program helps an organization’s internal risk and broker approval department to automate and streamline the broker approval process with the use of an electronic broker questionnaire package that is sent and tracked from the Vendorly platform.
“Vendorly created this service based on our deep understanding of the mortgage process to better assist our clients in the mortgage origination space,” Vendorly Operations Director Steve Greenfield said in the release. “Understanding the risks of the organizations you are doing business with is critical to making optimal risk-based decisions when working with the broker community. Each lender may have different TPO approval requirements and our approach to the TPO vetting process is customizable to our clients’ needs.”
“The Vendorly TPO oversight program further strengthens Altisource’s mortgage offering by addressing a significant area of growth in mortgage lending, specifically the independent mortgage broker community,” Altisource Senior Vice President Justin Vedder said. “Our clients can turn to Altisource as their provider in this market to help fulfill their mortgage needs.”
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