DS News

DS News January 2021

DSNews delivers stories, ideas, links, companies, people, events, and videos impacting the mortgage default servicing industry.

Issue link: http://digital.dsnews.com/i/1322815

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Page 94 of 99

93 93 INVESTMENT GOVERNMENT PROPERTY PRESERVATION INDUSTRY UPDATES Journal Follow Us At: @DSNewsDaily GATEWAY SELECTS INDISOFT'S RXOFFICE VENDOR MANAGEMENT SYSTEM Gateway Mortgage, a division of First Gateway Bank, has selected IndiSoft LLC's RxOffice Vendor Management System (VMS) to support its third-party vendor risk manage- ment process. "We are very excited to assist Gateway as the company responds to the intensifying regu- latory scrutiny related to third- and fourth-par- ty vendor management in the mortgage busi- ness," IndiSoft LLC's CEO, Hans Rusli said. RxOffice's VMS SaaS version enables users to manage vendors effectively and efficiently. Starting as early as the nondisclosure agree- ment (NDA) execution and pre-approval due diligence continuing through the request for proposal, contract negotiation, cyclical audits, risk-based performance reviews, and termi- nation or renewal the platform's rules-based workflow and multiparty flexibility ensures compliance and minimizes costs. "RxOffice makes it easy for departments to collaborate seamlessly, transparently, and in a structured manner," said Amber Bell, vendor relationship manager at Gateway. "e system helps us stay true to our core value of 'Do the Right ing' by ensuring we are meeting busi- ness needs in the most efficient way possible." In 2016, the CFPB updated its 2012 policy guidance for covered entities' oversight of service providers. e update emphasized the need for mortgage lenders and servicers to properly assess the regulatory risk posed by various service pro- viders whose services are consumer facing. Risk-ranking service providers and deter- mining the complexity, depth, and frequency of cyclical audits as well as performance metrics will place increased demands on mortgage companies and their technology. While the emphasis in vendor management has been in federal requirements, many states are imposing additional service provider over- sight requirements and liability. One of the core features of the RxOffice VMS is its collaborative, multistakeholder workflow that facilitates the growing necessity for interdepartmental involvement to assess a service provider's risk thoroughly and compre- hensively. RxOffice enables deft orchestration of the interplay among the various departments from legal to line-of-business; IT to internal audit and beyond who are all striving to ensure supe- rior governance and compliance especially with challenging state overlays. Moreover, since its rules-based workflow and risk-gradation functionality is configurable, the platform may be leveraged for any type of service provider or business activity including internal audits testing compliance with corpo- rate policy. AMDC MEMBER COMPANY RECOGNIZED WITH DIVERSITY AWARD Seven mortgage bankers are being recognized as leaders in inclusion and diversity efforts. Yearly, the Mortgage Bankers Association (MBA) spot- lights companies that are outstanding in areas of organizational diversity and inclusion-and-out- reach strategies. Five Star Institute's American Mortgage Diversity Council (AMDC) member Mr. Cooper Home Loans was one of three companies—along with United Nations Federal Credit Union, and Radian—to be awarded in the "organizational" category. According to organizers, "e Organizational Diversity and Inclusion award celebrates com- pany initiatives that were specifically developed and designed to increase diversity and inclusion within the leadership and employee base of mem- ber companies, thereby leading to a mortgage banking industry that may better reflect and understand its customers." In a press release, the MBA said that Mr. Cooper's accolades stem from its initiative in creating an inclusive work environment and boosting employee engagement efforts. "In light of recent social events, Mr. Cooper has fostered a robust support system that assists its employees to be open about their feelings and share their stories," said the MBA representatives. e awards for 2020 are based on reviews by two groups of judges consisting of MBA's Diversity and Inclusion Committee members and other MBA staffers. e nominees were divided into two groups based on company size and were scored by the quality of their overall submission; identification of a target audience and annual goals; demonstra- tion of a tangible benefit to participants and the overall enterprise; the replicability of the program; and innovation/potential success in broadening the culture of the organization. e MBA's Organizational Diversity and Inclusion Awardees included: » Mr. Cooper » United Nations Federal Credit Union » Radian e awards for Market Outreach Strategies went to: » Banner Bank » Bank of America » FirstBank » Finicity "We are now in the fifth year of recognizing companies that have gone above and beyond to cultivate a diverse and inclusive environment in their organizations," said Susan Stewart, 2021 MBA Chairman, and Chief Executive Officer at SWBC Mortgage Corporation. "I am confident that these programs will continue to push the industry forward in its commitment to diversity and inclusion." AMDC promotes diversity and inclusion throughout the mortgage industry. Learn more, including how to become a member, on MortgageDiversityCouncil.com.

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