“Today, a relationship may win the business, but the vendor unable to adhere to the tougher regulatory standards and requirements now in place will likely find their business relationship with a loan originator to be short-lived.”
Choosing the right vendors is paramount, not only to ensure the best service to your customers, but also to ward off the threat of regulators. As a relationship-based business, the mortgage industry will always rely heavily on trust. And yet, TRID has introduced standards that require lenders to oversee vendors more closely than ever. Gone are the days of simply building a working relationship on trust; now lenders must be able to verify details of a vendor’s business—scrutinizing their networks and business practices.
But it doesn’t have to be hard. Vendor management can be simplified into verifying and observing a vendor’s actions. This can easily be done on an online network, such as the ATS Secured Network, that verifies all parties and tracks their activity.
Don’t let TRID complicate your relationship with vendors, when it’s meant to simplify the process for everyone involved.
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