Vendorly’s Vendor Management Methodology to Incorporate Third-Party Originators

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Vendorly, which offers a vendor oversight platform for financial institutions, recently launched a third-party originator (TPO) oversight program for mortgage lenders to streamline the broker vetting process and create a central repository for due diligence documentation.

The program further enhances the Vendorly third party risk management (TPRM) methodology and complements mortgage lenders’ existing vendor management programs, the company says in a release.

The mortgage lending industry has seen significant growth in the number of mortgage brokers since the financial crisis. With this growth, lenders that utilize these brokers as TPOs have to ensure that the brokers are properly vetted and qualified.

Overall, the broker application process can be complex and may include the review of multiple data points before a broker can become approved and begin submitting loans.

Vendorly’s TPO oversight program helps an organization’s internal risk and broker approval department to automate and streamline the broker approval process with the use of an electronic broker questionnaire package that is sent and tracked from the Vendorly platform.

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