has 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 Vendorly third-party risk management (TPRM) methodology and complements mortgage lenders’ existing vendor management programs.
Vendorly’s TPO oversight program helps an organization’s internal risk and broker approval department 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.
“Vendorly created this service based on our deep understanding of the mortgage process to better assist our clients in the mortgage origination space,” said Steve Greenfield, CMB, director of operations, Vendorly. “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 clients’ needs.”