Skip to main content

MISMO Seeks Input in Third Party Risk Management Groups

Phil Hall
Aug 08, 2018
MISMO is putting out a call for participants in two new groups tasked with improving risk management of third parties while reducing costs for all parties

MISMO is putting out a call for participants in two new groups tasked with improving risk management of third parties while reducing costs for all parties.
MISMO is putting out a call for participants in two new groups tasked with improving risk management of third parties while reducing costs for all parties
 
One group, the Third Party Business Partners Risk Management Community of Practice, seeks to create a forum for industry-wide discussion of issues associated with the use of third party service providers, This group’s goal will be the establishment of specific task-oriented efforts to develop best practices or standards for different aspects of third party risk management. The second group, the Third Party Oversight Questionnaire Development Workgroup, will craft a list of questions that lenders and servicers can use to assess third parties.
 
“As our industry continues to expand, third party compliance and oversight have become major business obstacles,” said Rick Hill, Executive Vice President of MISMO and MBA Vice President of Industry Technology. “Lenders and servicers are ultimately responsible for the work of third parties, but current practices for managing risk associated with third parties are often inefficient and expensive. As regulatory and investor requirements continue to push costs higher, the lack of industry-wide standards or best practices is costly for all involved. A collaborative effort to develop best practices and standards that includes lenders, service providers, investors and regulators, offers the opportunity to foster more efficient and productive third party risk management strategies that will benefit lenders, service providers and others.”


 
Published
Aug 08, 2018
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021