Vendor Liability: Managing Your Partners

June 7, 2016

Title and settlement companies must meet lender requirements and understand the importance of monitoring downstream providers. Since the development of ALTA’s Best Practices, numerous large and community-based lending institutions have incorporated the policies and procedures into their vendor management protocols. Despite progress, lenders are confused about the bureau’s expectations for third-party management. To help provide clarity and guidance to supervised entities, ALTA sent a letter asking the bureau to announce support of Best Practices. Read to learn what the letter says, advice on implementing vendor management practices and one lender's perspective on scorecards.

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Contact ALTA at 202-296-3671 or communications@alta.org.