Real estate owned (REO) management company Lenders Asset Management Corp. (LAMCO) has announced the formal development of its LAMCO Vendor Management Process, which evaluates LAMCO-endorsed vendors using several measurable qualifications.
The company says it qualifies new vendors and manages ongoing service provider relationships using the elements of TQRDCEB, a framework developed by Hewlett Packard Co. Vendors are evaluated on technology, quality, responsiveness, delivery, cost, environment and business impact using a scorecard system based on a weighted strength ranking.
LAMCO continually evaluates its service providers on the same scale to measure performance and identify areas of improvement, the company adds.
Each area of the TQRDCEB management process includes expectations and best practices that must be demonstrated by vendors, such as meeting or exceeding service level agreements, demonstrating quality and reliability with all work orders, and maintaining familiarity with LAMCO technology and system requirements.Â