First American Mortgage Solutions Launches Vendor Management Suite to Aid with Lender Compliance Requirement
Automated single-platform solution is designed to make vendor management more efficient and economical to reduce loan repurchase risk
October 24, 2016, Santa Ana, Calif.
First American Mortgage Solutions, LLC, a subsidiary of First American Financial Corporation (NYSE: FAF) and leading provider of comprehensive solutions for lenders and servicers that cover the entire loan spectrum, today announced the launch of its Vendor Management Suite designed specifically for residential lenders. This innovative platform helps reduce loan repurchase risk related to vendor due diligence issues by enabling continuous oversight of thousands of counterparties.
First American’s Vendor Management Suite bundles best-in-class due diligence and counterparty reviews with automated monitoring and reporting to drastically reduce the time and expense associated with manual processes. This single-source access enables lender compliance teams of any size to manage activities throughout the vendor relationship lifecycle.
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. They can customize their reviews including on an ad hoc or scheduled basis, or as a perpetual monitoring service. Besides creating an audit trail to document proof of compliance, the platform also identifies potential risks and sends instant notifications.
“First American practices extreme due diligence in our selection and monitoring of third-party counterparties, and our Vendor Management Suite is so effective that we use it in our own business,” said Kevin Wall, president of First American Mortgage Solutions. “This is only the tip of the iceberg – we will continue to add features, including, in the coming months, workflow management capabilities.”
First American will conduct live demonstrations of Vendor Management Suite during the Mortgage Bankers Association Annual Convention & Expo in Boston. It will be part of First American’s “Tasting Experience,” which is happening October 24 and 25 in the Hampton Room on the third floor of the Sheraton Boston Hotel.
About First American Mortgage Solutions
First American Mortgage Solutions, a part of the First American family of companies, provides comprehensive solutions for residential lenders and servicers covering the entire loan spectrum. First American Mortgage Solutions, together with First American’s broader capabilities, serves as a single source for title and settlement, data and analytics, fraud and verification, regulatory compliance, valuation and collateral risk, quality control, fulfillment services, and default services. More information about First American Mortgage Solutions can be found at https://www.firstam.com/mortgagesolutions.
About First American
First American Financial Corporation (NYSE: FAF) is a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American also provides title plant management services; title and other real property records and images; valuation products and services; home warranty products; property and casualty insurance; and banking, trust and investment advisory services. With revenues of $5.2 billion in 2015, the company offers its products and services directly and through its agents throughout the United States and abroad. In 2016, First American was recognized by Fortune® magazine as one of the 100 best companies to work for in America. More information about the company can be found at www.firstam.com.
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