Can lenders complete due diligence in minutes under the new arrangement?
QuestSoft and Vendorly have teamed up to save mortgage lenders' time during the due-diligence process.
The companies announced Tuesday that they entered a partnership that would "improve and streamline the often-stringent due-diligence process." Under the agreement, QuestSoft's due-diligence information will be instantly available to all lenders using its products and the Vendorly platform at no cost.
"This provides substantial efficiency for both mortgage lenders and QuestSoft," QuestSoft President Leonard Ryan said. "It saves our company time processing individual requests and reduces the need for lenders to contact QuestSoft separately. We are expecting over 90% savings of time by ensuring customers have their due diligence completed in minutes and not days or weeks."
Once a lender visits Vendorly, all they have to do is indicate that they're a QuestSoft customer and the QuestSoft vendor management department will verify that information and unlock access to the due-diligence documents.
"Companies need to have a robust third-party risk due-diligence process, both to protect themselves and also to help ensure compliance with regulatory requirements," said Steve Greenfield, director of operations at Vendorly. "QuestSoft's partnership with Vendorly shows their commitment to the mortgage industry's vendor-management requirements and procedures, which helps protect all parties while removing unnecessary delays."
