We would like to welcome our latest vendor compliance monitoring customer: Neighborhood Mortgage Solutions. Located in Frankenmuth, MI, they are a Credit Union Service Organization (CUSO) and provide mortgage services to their fellow Credit Unions. NMS comes to Trust Exchange through our partner AuditLink, who has been providing vendor compliance management services since 2008.
NMS helps credit unions offer a competitive mortgage product to your members with a competitive interest rate and low closing costs. They are a seller/servicer approved with Fannie Mae and USDA-Rural Development and we are an approved Freddie Mac loan servicer.
Today, regulatory bodies are asking for more dynamic vendor management processes; simply reviewing an SSAE-16 and financial statements is fast becoming an unacceptable vendor
management system. Where financial institutions were given a pass on reviewing the five items seen in the flowchart here, it is quickly becoming a requirement where ten, twenty, or even thirty different areas of your vendor relationship must be under constant review. Couple that with the recent FFIEC cybersecurity guidance which now includes vendor management and this area
of operations will require additional retooling and investment.
To meet the ever-growing needs of financial institutions in this area AuditLink has partnered with Trust Exchange and has put together one of the most robust vendor management services in the industry to meet this growing regulatory burden and assist credit unions and CUSOs in protecting critical relationships in a pro-active manner.
If you would like to learn more or obtain a free vendor management check up, you can learn more HERE