QuestSoft Corporation and Vendorly have entered into an agreement to improve and streamline the often-stringent due diligence process. QuestSoft’s due diligence information is uploaded one time into the Vendorly platform and then becomes instantly available to all lenders who use QuestSoft products and the Vendorly platform.
“This provides substantial efficiency for both mortgage lenders and QuestSoft,” said Leonard Ryan, president of QuestSoft. “It saves our company time processing individual requests and reduces the need for lenders to contact QuestSoft separately. We are expecting over 90% savings of time by ensuring customers have their due diligence completed in minutes and not days or weeks.”
The system makes the process as simple as possible. Once a lender visits the Vendorly platform and indicates they are a QuestSoft customer, the QuestSoft Vendor Management department will verify that information and unlock access to the due diligence documents. Under the arrangement, Vendorly is waiving any due diligence fees for QuestSoft customers that would be normally assessed to add and maintain the vendor relationship.
“Companies need to have a robust third-party risk due diligence process, both to protect themselves and also to help ensure compliance with regulatory requirements,” said Steve Greenfield, CMB, Vendorly’s Director of Operations. “QuestSoft’s partnership with Vendorly shows their commitment to the mortgage industry’s vendor management requirements and procedures, which helps protect all parties while removing unnecessary delays.”
The Consumer Financial Protection Bureau (CFPB) recommends financial institutions take steps to ensure that business arrangements with service providers do not present unwarranted risks to the consumer, which includes conducting thorough due diligence. The Office of the Comptroller of the Currency (OCC) states that an effective risk management process includes proper due diligence in selecting a third party.
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