8-18-14 VENDOR MANAGEMENT: Special Guests Andy Schell & Theresa Marie of MBS

Are you aware that in 2012 CFPB issued a bulletin requiring all mortgage banks to monitor their relationships with vendors?  If not, you are not alone.  Even if you are aware of this, you will want to listen to today's broadcast, where we have as our guests two experts, Andy & Theresa Schell.  They will be providing information about how to implement a program to comply with the new requirements for the Management of Service Providers. 

The new CFPB rules aren’t necessarily as vigorous the OCC and FDIC requirements but the new CFB rules are modeled after them. In today’s session Andy and Theresa will talk about the following:

• What is a “covered person” and “service provider” and why does it matter
• Creating a Third Party Vendor management Program
• Vendor Risk weighting, what is it?
• What is a CFPB Service Provider?
• Outsourcing Due Diligence
• Vendor Service Level Agreement Requirements
• Vendor Monitoring and Contingency Planning

Created BY mortgage professional FOR mortgage professionals, Lykken on Lending is a weekly 60-minute radio program hosted by mortgage veteran, David Lykken. Joining the program each week is Joe Farr with a MARKET UPDATE, Alice Alvey providing a LEGISLATIVE UPDATE, Paul Muolo of Inside Mortgage Finance giving a quick MTG NEWS HEADLINES update, Andy Schell (a/k/a "The Profit Doctor") providing tips on FINANCIAL MANAGEMENT and TONY GARRITANO providing a TECHNOLOGY UPDATE.  This is followed by the HOT TOPIC segment, which is an in depth discussion about one of the hottest topics related to the mortgage industry.