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Vendorly Broadens Vendor Management Methodology to Incorporate Third-Party Originators

A more streamlined process complements existing vendor management programsLUXEMBOURG, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Vendorly, an innovative vendor oversight platform for financial institutions, today announced the launch of a third-party originator (TPO) oversight program for mortgage lenders to streamline the broker vetting process and create a central repository for due diligence documentation. The program further enhances the Vendorlya?? third-party risk management (TPRM) methodology and complements mortgage lendersa?? existing vendor management programs.The mortgage lending industry has seen significant growth in the number of mortgage brokers since the financial crisis. With this growth, lenders who utilize these brokers as TPOs have to ensure that the brokers are properly vetted and qualified. Overall, the broker application process can be complex and may include the review of multiple data points before a broker can become approved and begin submitting loans. Vendorlya??s TPO oversight program helps an organizationa??s internal risk and broker approval department to automate and streamline the broker approval process with the use of an electronic broker questionnaire package that is sent and tracked from the Vendorly platform.a??Vendorly created this service based on our deep understanding of the mortgage process to better assist our clients in the mortgage origination space,a?? said Steve Greenfield, CMB, Director of Operations, Vendorly. a??Understanding the risks of the organizations you are doing business with is critical to making optimal risk-based decisions when working with the broker community. Each lender may have different TPO approval requirements and our approach to the TPO vetting process is customizable to our clientsa?? needs.a??a??The Vendorly TPO oversight program further strengthens Altisourcea??s mortgage offering by addressing a significant area of growth in mortgage lending, specifically the independent mortgage broker community,a?? said Justin Vedder, Senior Vice President, Altisource. a??Our clients can turn to Altisource as their provider in this market to help fulfill their mortgage needs.a??
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