A Due Diligence Guide to the Managementof Third-Party Vendors, Service Providers,and Mortgage Brokers
Speakers
Mr. David K. Stein
President of Retail Branch Division and General Counsel
Residential Finance
Steven S. Albert
President
Allstate Appraisal
A. Michelle Canter
Partner
LotsteinLegal PLLC
- Impact of enhanced regulatory scrutiny and oversight
- CFPB initiatives
- Power to supervise “related persons” and “material service providers”
- To what extent are banks liable for lending done through a third-party relationship?
- OCC activity
- Implementing best practices to manage and mitigate the risk of outsourcing
- Third-party vendor products and fees
- Liability for the actions of mortgage brokers
- Contracting with ethical third parties
- Making the decision to work with a third-party entity
- Assessing the decrease in servicing costs vs. the increased risks of litigation and reputational damage