Vendor Management

Working with third-party vendors is standard practice for lenders today, but it also introduces various levels of operational, financial, and strategic risk into business operations. Implementing a comprehensive vendor management process requires a significant amount of time and effort to properly mitigate these various risk factors and remain critical as regulatory pressures increase.

First American Mortgage Solutions provides single-source access to the company’s full range of counterparty review products with integrated monitoring and reporting capabilities, enabling lender compliance teams of every size to efficiently oversee thousands of counterparties and reduce loan repurchase risk.

Leveraging our decades of data and analytics knowledge and developed with input from First American lender clients, the new platform offers affordable, round-the-clock vendor oversight to protect against investor buyback requests related to vendor due diligence issues.  Increased regulatory pressures are driving lenders to find an efficient and economical way to audit their counterparties to ensure compliance. 

The Vendor Management Suite is a turnkey, mobile-optimized platform where lenders can order reviews that satisfy both vendor selection and ongoing due diligence requirements for counterparty mortgage loan originators, appraisers, notaries, title examiners and other mortgage professionals.  Flexible review options allow lenders to customize their reviews for each vendor type, including adhoc, scheduled or as a perpetual monitoring service.

Vendor Management Suite’s automated assessments, monitoring and flexible self-service reports eliminate the time and expense associated with manual processes, allowing lenders to monitor an entire counterparty database or drill down to select segments with ease, and manage activities throughout the vendor relationship lifecycle.

In addition to the creation of an audit trail to document proof of compliance, the service utilizes First American proprietary analytics to identify potential risks and notify the lender instantaneously.

The Vendor Management Suite platform can be licensed in full, operational usage or alternatively, it can be integrated into existing business systems already in place at the business to provide enhanced and automated analytics and/or monitoring.  For more information on our Vendor Management Suite or other compliance solutions, please contact us.

Services

Third Party Review

Third Party Review (TPR) from First American Mortgage Solutions provides you with the ability to review third party originator application information with real-time license checks.

Watchlist Review Module

Watchlist Review Module (WRM) is a unique application that provides the ability to search for a person or company against several industry and government watch lists.

RegsData

RegsData accurately and concisely verifies and monitors compliance of Third Party Originator state license and NMLS registration requirements through our web-based platform.

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