First American Launches New Third-Party Oversight Solution

First American Mortgage Solutions recently launched a new suite of applications designed to help mortgage lenders with third-party oversight and compliance.

The new Vendor Management Suite helps reduce loan repurchase risk related to vendor due diligence issues by enabling continuous oversight of thousands of counterparties, the company says in a press release.

Basically, the firm has bundled due diligence and counterparty reviews with automated monitoring and reporting to drastically reduce the time and expense associated with manual processes.

This single-source access enables lender compliance teams of any size to manage activities throughout the vendor relationship lifecycle.

Lenders can order reviews that satisfy both vendor selection and ongoing due diligence requirements for counterparty mortgage loan originators, appraisers, notaries, title examiners and other mortgage professionals. What’s more, they can customize their reviews, including on an ad hoc or scheduled basis or as a perpetual monitoring service.

Besides creating an audit trail to document proof of compliance, the platform also identifies potential risks and sends instant notifications.

“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,” says 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.”

A major part of the new Vendor Management Suite is First American’s FraudGuard quality assurance and defect-trending tool, which was recently incorporated with Ellie Mae’s Total Quality Loan program. The next-generation data validation tool is designed to help lenders originate compliant, defect-free loans and is powered by a combination of superior data, pattern-matching analytics and industry experience garnered from over 28 million reviewed loans.

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