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.
