Data Facts Lending Solutions Blog

Energize Your Mortgage Business In 2016 with Proper Vendor Management

Posted by Susan McCullah

Dec 17, 2015 1:19:52 PM

Regulators and government agencies continue to ask for greater oversight from servicers. In the last three years, GSE’s, the CFPB and the OCC have all issued vendor management requirements placing a larger amount of scrutiny on how banks and nonbanks are managing third-party risk.

It's essential that servicing companies create and follow a strong vendor management and oversight program for any outsourced functions or third-party services purchased on the behalf of others. increased scrutiny on banks and nonbanks and how they manage their third-party risk.

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Topics: Mortgage compliance, third party vendor, BankerVMS, Third Party Vendor Management

40 TRID Facts You NEED To Know

Posted by Jennifer Hamby

Sep 10, 2015 9:23:00 AM

Thank you to ComplianceBuzz for putting together a comprehensive list of 40 TRID Facts You Need To Know. We are less than a month til the October 3rd deadline and wanted to refresh you and your team on some of these facts.  An added bonus...You can also take a sneak peek at our eBook "Steps to Reduce Third Party Risks" as part of our mortgage lending services. Enjoy!

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Topics: Mortgage loan, Mortgage compliance, mortgage news, Mortgage Lending, third party vendor, BankerVMS, Third Party Vendor Management, TRID, BDV

Due Diligence in Third Party Selection

Posted by Jennifer Hamby

Oct 9, 2014 4:36:00 PM

Third Party Vendor Management is a hot topic these days. 

In preparation for the August 2015 deadline, one of the first (and most effective) steps you can take to limit potential third-party risk, is to review and reduce your vendors to only the ones that adhere to the most stringent of compliance standards.

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Topics: Mortgage compliance, Compliance, Best Practices, third party vendor, BankerVMS, Third Party Vendor Management, TRID, BDV

The Financial Impact of UDAAP Non-Compliance

Posted by Jennifer Hamby

Aug 14, 2014 4:47:01 PM

UDAAP:  Unfair, Deceptive, or Abusive Acts or Practices Policy.  Among all the changes the Dodd-Frank Act brought, many believe UDAAP will turn out to have the most significant impact on the banking industry, and all third party vendors supplying mortgage lending services to the banking industry.  Given the impact and significance of other Dodd Frank Act changes, combined with UDAAP’s broad and vague scope, it could potentially be the most dangerous weapon in the Bureau’s arsenal.

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Topics: Mortgage compliance, Compliance, UDAAP, third party vendor

The Importance of Vendor Management

Posted by Jennifer Hamby

May 28, 2014 1:02:00 PM

Over the last few years, GSE’s, the CFPB and the OCC have issued new vendor management requirements placing increased scrutiny on how banks and nonbanks are managing third-party risk.

It is clear that the regulators and government agencies expect more oversight.

In the servicing business, it has always been critical to have a strong vendor management and oversight program for any outsourced functions or third-party services purchased on the behalf of others. However, depending on the function or company size, the focus may have been more on performance management and less on due diligence and vendor risk.

According to a bulletin published last year by the CFPB, the bureau wants to ensure that consumers are protected from irresponsible service providers and that servicers are contracting with ethical third parties. The CFPB expects banks and nonbanks to have an effective process in place to manage the risk of outsourcing. Specifically, a supervised entity, at minimum, must thoroughly review the service provider’s policy and procedures, internal controls and training materials.

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Topics: Mortgage compliance, mortgage fraud, Compliance, Mortgage Lending, third party vendor, Third Party Vendor Management

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