As the year of the consumer unfolds in 2014, banks, mortgage lenders and credit unions nationwide are spending more time, effort and energy than ever before developing policies and procedures to comply with the ever growing number of new regulatory requirements. The task can be daunting…and expensive. At SSI we have taken a decade of research and development to create an effective solution to addressing concerns over third party service provider risk management.
Today any person or entity that has access to a lender’s funds, mortgage documents, and most importantly the personal and financial information of borrowers, must be evaluated for risk. Failing to address this issue only creates the potential for regulatory penalties and legal damages. If you could have done something to reduce or eliminate risk, yet chose not to, that decision can have serious ramifications for your bottom line and the consumers you serve.
Because all of us at SSI have mortgage industry business experience, we understand too well the concerns you may have about things such as cost, data privacy and security, implementation, and competitive disadvantages. Having been an innovator and thought leader in risk evaluation and management, and having carefully considered the initial opposition to greater risk management surrounding the mortgage closing process, we have tailored our products and services to provide you with effective enterprise risk management solutions. Today we can help you not just at the closing table, but when evaluating new hires and staff, and when considering (or monitoring) any third party vendor relationship.
The future of mortgage industry risk management is now. The regulators have spoken. If you are ready to embrace the need and find a comprehensive and cost-effective solution, please call us. We want to work with you, as your partner, to shoulder the burden of managing your risk thereby allowing you to focus on what you do best, selling loans.
Best wishes for a successful new year.