Reduce Service Provider Risk

Ensure Compliance

Quickly add or remove service providers

Overview

Third-Party Service Provider Vetting

  • Typical lender has hundreds of service providers
    • Title, closing, real estate attorneys
    • AMC, appraisers
    • Originators, internal staff
    • Correspondent applicants
  • Regulators now audit for
    • Initial due diligence on each service provider
    • Ongoing monitoring for new risk factors
  • CFPB is enforcing new regulations
    • “ Consumers must not be hurt by unfair, deceptive, or abusive practices of service providers…banks and non- banks will be held accountable”