The web of compliance continues to broaden and becomes more complex with each passing year. The Ability-to-Repay Rule and Quality Mortgage Standards now require lenders to work with “reasonable, reliable” third-party vendors to verify consumer information. Not only that, lenders are actually responsible for them. On top of thoroughly vetting each vendor, you must also continually monitor them to ensure they are updating procedures as required. Vendor management has become a significant part of what lenders do each day, and as such, demands a great deal of time and effort. As a result, a real trend is emerging within the industry to consolidate vendors. Read full article.