Medallion Analytics announced that it is rolling out Medallion Vendor Scorecard, a reporting tool that provides a loan-level analysis of errors made throughout the post-closing process. The scorecard also gives lenders an overall picture of their settlement services vendors’ performances. Medallion Analytics customers using the company’s post-closing audit tools can immediately start using the Medallion Vendor Scorecard.
“The Consumer Financial Protection Bureau’s (CFPB) new rules elevate the industry’s need for unprecedented levels of quality control. To be in compliance in this environment, lenders must have a strong quality control program and the scorecard lays the foundation for building a robust program,” said John Ralston, VP of Product Development, Medallion Analytics.
“Medallion Vendor Scorecard has been developed to help lenders better understand where they are underperforming in the closing process so they can take steps to make adjustments. Lenders will be able to tell if the error was made by their own staff, the settlement services provider, or the borrower as well as the type of the document in which the error was found,” noted Ralston.
Using the data collected through Medallion’s Pre-Funding and Post-Close Audit Tools, the Vendor Scorecard identifies critical and non-critical errors found in each loan, giving lenders very specific information as to where they need to make improvements in their post-closing process. With the Scorecard, lenders can measure and monitor their vendor performance to make well-informed business allocation decisions to minimize their risk and work with their vendor partners to improve quality and compliance.