Vendor Management Suite is designed to “drastically reduce the time and expense associated with manual processes,” according to the release. Using the platform, lenders can order reviews that satisfy both vendor selection and due diligence requirements for counterparty mortgage originators, appraisers, notaries, title examiners and other mortgage pros.
“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 Mortgage Solutions has announced the launch of its Vendor Management Suite, a platform designed specifically for residential lenders. The platform helps reduce loan repurchase risk related to vendor due diligence issues by enabling continuous oversight of thousands of counterparties, according to a news release.