The Legal Description > News > Managing your vendors: Important things to address when selecting, maintaining a vendor relationship
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Managing your vendors: Important things to address when selecting, maintaining a vendor relationship
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Industry News, Regulatory Updates
Thursday, June 18, 2015
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Although many may understand that it is important to have a fourth- and fifth-party vendor management plan in place, it is hard to know to what level of scrutiny you need to adhere to. There are many levels of potential scrutiny, from the CFPB, the Office of the Comptroller of the Currency and other federal regulators, to the secondary market, all of which are looking closely at the lending community. The lending community in turn sets the parameters for their vendors to follow. During the National Settlement Services Summit, Marx Sterbcow, managing partner at the Sterbcow Law Group, and Charles Cain, executive vice president, agency, WFG National Title Insurance Co., walked attendees through the expectations of these groups, as well as ways to evaluate their vendors to ensure proper due diligence is done.
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