We provide an independent due diligence procedure that concentrates on various functional aspects of the closing agent, vendor, and service provider relationship.
Meets the examination requirements of the Consumer Financial Protection Bureau.
We can customize the review to conform to specific compliance needs.
Closing Agent and Vendor Management Program Development
- Guidance on administration and responsibility of managing program and third-parties
- Tools and methodologies; due diligence process, contract reviews, and ongoing oversight
- Assistance with third-party evaluations to manage vendor risk
Closing Agent and Vendor Management Risk Assessment
- FFIEC and CFPB Examination Readiness
- Review Policies and Procedures
- Review documentation of due diligence conducted for new vendors
- Assess risk management processes in place for third-party relationships
- Review ongoing oversight
- Research state-specific requirements and develop plain language summaries
- Create audit checklists and key performance improvement metrics to help financial institutions implement oversight and controls
- Develop policies and procedures around vendor management
- Effectively train staff with customized instruction programs
- Track and monitor the regulatory and legislative environment for changes that will impact the financial institution’s controls