Home / News / Foreclosure / DecisionReady Offers New Vendor Management Compliance Module
Print This Post Print This Post

DecisionReady Offers New Vendor Management Compliance Module

""DecisionReady"":http://www.decisionreadysolutions.com - a California-based provider of default servicing compliance solutions - has just introduced a new vendor compliance management module to work with its compliance suite.


DecisionReady designed the module to address the shortcomings regulators found in their 2010 Interagency Review of Foreclosure Policies and Practices. The regulators found that third-party vendors were not being properly managed.

""These are challenging times for servicers, and it's only going to get more challenging if they cannot count on technology to ensure process compliance,"" Tom Schmidt, DecisionReady's chief financial officer.

DecisionReady's new vendor compliance module provides a solution to managing third-party vendors through objective scorecards and reviews of vendors' performance.


""Today's mortgage servicers need to conduct ongoing evaluations of vendors using score cards,"" said Matt Lichtner, DecisionReady's executive vice president of sales & client relations.

""The newly launched vendor compliance management module allows servicers to review vendor activity and objectively score the vendor on accuracy, service level agreements, and process conformance"" Lichtner said. ""It also helps servicers select vendors based on past vendor performance, rather than relying on a subjective vendor selection process.""

The module provides customized scorecards for each type of vendor.

Servicers can also customize the module with their own policies and investor guidelines. These rules - along with federal and state regulations â€" are automatically implemented through the technology platform so that servicers can ensure they are in compliance with all appropriate rules and regulations at all times.

""Our compliance suite has multiple modules that support specific default servicing processes, ensuring adherence to bank policies and guidelines,"" Schmidt said.

""In combination, the modules ensure that a robust, compliant and auditable end-to-to end default servicing process was followed. Multiple roles are supported to allow the servicer to perform quality control and internal audits to review the activity on loans,"" Schmidt added.

DecisionReady's solutions are web-based and updated in real time.

About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.

Check Also

Overall Performance of Servicing Portfolios Declined in December

Latest estimates from the MBA find that 115,000 homeowners are now in forbearance plans nationwide, as mortgage servicers have provided relief to approximately 8.1 million borrowers since March 2020.