Lenders, we understand. The CFPB has mandated that you be held liable for third-party vendor mistakes on mortgage loans. Now more than ever, you need to be able to manage your vendors and measure their different levels of risk — and be in the know if those risks change.
But how can you actually create an effective, time-saving vendor management plan?
Here at ATS Secured, we believe it all starts with building trusted networks. Let me illustrate with an Aesop fable:
The Three Bulls And the Lion
“Three bulls for a long time pastured together. A lion lay in ambush in the hope of making them his prey, but was afraid to attack them while they kept together. One day they quarreled and fed alone. He attacked them without fear and feasted on them one by one at his own leisure.”
The moral of this story? Strength is found in unity.
You Might Be Thinking, “But What Does That Have To Do With Vendor Management?”
Most vendor management plans start in the wrong place. They tell you how to “look out for the lions,” so to speak. They teach you to fear your vendors, to only think of them in terms of how much risk they bring to your business.
Well, ATS Secured has created a network where you can choose to only do business with other verified individuals or companies.
In the fable, when the bulls were banded together they never even knew the lion was there. They didn’t need to know. Their unity—their network—kept them safe.
Now, I’m not saying you shouldn’t be on the lookout for those who might bring too much risk to your company. Of course you should still have a risk mitigation plan.
But what if you had a network of trusted professionals and organizations that have been vetted and verified? What if you didn’t have to focus on keeping the bad guys at bay so much as deciding to work with those who you trust, and will protect your reputation?
The ATS Secured network is flexible and allows you to manage each of your vendors individually, as unique persons or businesses.
There are three types of vendors you can manage on the network:
1) A vendor that is not a part of the ATS Secured Network. (A feature that many vendor management systems do not have).
2) A vendor who has an ATS Individual account on the network, but does not have an ATS Pro account.
3) A vendor who has an ATS Pro account on the network, whose company is verified. This allows them to link the employee management portion of their organization profile, letting the vendor automate their application. This leads to less work for everybody.
Our vendor management system also has a risk component that can be purchased separately to continually calculate a vendor’s risk. It doesn’t just onboard vendors, it allows for constant monitoring – and this process can be automated.
A network of verified mortgage professionals is not easily broken. Take control of your liability, manage your vendors and sign up for an ATS Secured account today.