Vendor oversight platform Vendorly has launched a third-party originator (TPO) oversight program that assists wholesale mortgage lenders in the complex process of approving a broker.
With the use of an electronic broker questionnaire package, the oversight program helps organizations to automate and simplify the approval process for brokers they hire as TPOs. Lenders can send and track the questionnaire 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, director of operations at 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.”
Greenfield said that the program is also customizable to the lender’s TPO approval requirements.
“The Vendorly TPO oversight program further strengthens Altisource’s mortgage offering by addressing a significant area of growth in mortgage lending, specifically the independent mortgage broker community,” said Justin Vedder, senior vice president at Altisource. “Our clients can turn to Altisource as their provider in this market to help fulfill their mortgage needs.”