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First American Mortgage Solutions LLC, a subsidiary of First American Financial Corporation, has 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 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’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.