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NS3 Live Coverage: Keynote discusses vendor management from the lender’s perspective
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Regulators have made it clear that they want lenders to beef up their oversight of third-party service providers, but just how those expectations will impact the relationship between lenders and the settlement services industry remains unclear. In a keynote speech at October Research, LLC’s 2014 National Settlement Services Summit (NS3) in New Orleans, Mike Flynn, executive vice president and general counsel with Flagstar Bank, discussed vendor management from the lender’s perspective.
Flynn said that in the title space, regional and national underwriters and large agencies that have ongoing contracts with banks are already feeling the impacts of vendor management guidance released by the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) because it’s clear such providers are major third-party vendors.
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