VendorRisk for the Mortgage Industry
Our software can help you satisfy the regulators
Your Vendor Management Needs
Due to recent changes with the Consumer Financial Protection Bureau (CFPB), mortgage servicers need to do a better job of identifying and managing their vendors. At a minimum, you'll need to have a centralized application that houses all your vendor information.
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In 2014, we teamed up with one of our service partners, Vital Solutions, to explain the key requirements in the new CFPB manual and how they apply to Vendor Management, as well as provide tips, guidance and best practices.
- What the CFPB manual says
- Establishing a Compliance Management System
- Board of Directors and management roles
- Response to consumer complaints
- Lessons learned
Conducting vendor risk assessments
One of the goals of the risk assessment is to identify vendors who have consumer contact and how they could impact the customer. You can then better focus your vendor management efforts on the high-risk vendors.
Document collection & tracking expirations
You should acquire important documents from each vendor — e.g., certificates of insurance, licenses and contracts. If the documents have expiration dates, you'll need to be alerted so that you can follow-up with the vendor and always have up-to-date vendor documentation.
"We were unsure of all that would need to be done to completely satisfy the expectations of the CFPB. VendorRisk's flexibility and customizability gives us the confidence that we will be able to monitor and manage the different kinds of vendors required by these expectations. VendorRisk has allowed us to move from only tracking "unapproved vendors" in an Excel spreadsheet to an active tracking and monitoring system for all our vendors. We were able to start out small and add vendors over time. I am confident that with this software, we will be able to track our thousand+ vendors efficiently and support the new regulations in the mortgage banking industry."
How VendorRisk Can Help
Just the modules you need
Because VendorRisk is offered on a module-by-module basis, you can choose just the features you need. Based on our experience with mortgage companies, we recommend the following:
- Due diligence reviews
- Vendor risk reviews
- Contracts (optional)
- Performance reviews (optional)
- Incident tracking (optional)
The first three modules above will let your company track all your vendors, collect the necessary documentation on each, and assess each vendor's risk level so you can focus on the critical vendors going forward.
The optional modules above are for the companies that have the resources to dedicate to vendor management and give you the ability to better monitor vendor performance on an on-going basis.
Save time with bulk actions
While we believe that VendorRisk is a straightforward, easy-to-use tool, if you have 1000 vendors to collect information on, that's still a lot of mouse clicks and manual work. With our bulk actions feature, you'll be able to significantly save time by doing an action once (creating a review, sending to vendor, etc.) rather than once per vendor.
Even better... have the vendors do most of the work
Due diligence reviews are used in VendorRisk to capture information & documents from the vendor. We provide the ability to email the questionnaire to the vendor and have them complete the information via a "guest page" on your VendorRisk site. This process eliminates the back & forth of email messages and having to upload their documents.
Group risk reviews
Mortgage companies tend to have specific categories of vendors — e.g. brokers, appraisers, title companies & law firms. Each vendor in a particular category will likely have the same risk level assigned to them. Rather than having to conduct a risk review for each vendor, you can conduct group reviews based on category, and all vendors in that category will automatically have that assessed risk level.
Automated email reminders
With so many vendors, you may have difficulty tracking and remembering important dates for each vendor. VendorRisk sends automated email reminders each morning that will notify you ahead of time about tasks you'll need to address.