The platform is designed to help streamline vendor due diligence, document maintenance, monitoring and audits for financial institutions and was originally only available to members of the Lenders One Cooperative of independent mortgage bankers.
It is now open to mortgage and community bankers who are not part of Lenders One and the platform has been enhanced to include real-time risk ratings and related settlement agent data to clients through a new partnership with Secure Insight.
“We have always recognized that lenders are seeking a complete solution for vendor management, one that encompasses the different areas of risk and the various vendors that make up the universe of third parties with whom lenders conduct business,” said Andrew Liput, president and chief executive officer, Secure Insight.
The two firms intend to develop a platform that produces a transaction-based tool with risk data on each transaction prior to a closing and just before the proceeds are wired.
“Our relationship with Secure Insight allows us to leverage their deep expertise in settlement agent oversight and industry-leading database of over 50,000 vetted and rated agents, which has been a decade in the making,” said Jim Vaca, vice president, Vendorly.
More market update:
Real estate and mortgage technology firm Altisource has announced the expansion of its vendor oversight platform Vendorly.