Publication

Strategic Compliance Partners Simplifies Due Diligence for Lenders with Groundbreaking Vendor Management Platform

For Immediate Release New York, NY | April 24, 2016 ShareDiligence, a new platform offered by Strategic Compliance Partners (SCP), revolutionizes the way mortgage lenders manage their relationships with third-party vendors. Developed in conjunction with Offit Kurman, a leading law firm in the Mid-Atlantic region, ShareDiligence enables users to share the results and costs of due diligence through online community-based portal. For lenders, conventional vendor management not only demands significant cost and time investment, but leads to unpredictable and often unreliable results. Lenders have a responsibility to continually review their vendors to ensure ongoing compliance. A lack of strategic planning in due diligence procedures may unnecessarily interfere in relationships with vendors, impacting customer service or creating liabilities as a result of insufficient processes.  Moreover, lenders who inconsistently implement these protocols can fail to adequately address risks and create further significant liabilities. During an era when inexact standards govern vendor management, lenders need a strategic method of verifying vendors that is expeditious, inexpensive, reliable, and demonstrably reasonable. ShareDiligence’s solution uses an automated, proprietary system built to maintain information in real-time. ShareDiligence emphasizes accountability and transparency from beginning to end: After lenders add vendors to the site—accomplished simply by providing an email address—SCP obtains signed agreements and initiates industry-specific vendor questionnaires prepared by legal counsel. Once a vendor returns its completed questionnaire, ShareDiligence disseminates the information to lenders and vendors on the system, who agree to link to one another. The process can take as little as an hour to finish. Aside from its all-around ease of use, ShareDiligence provides continuous and transparent access rather than a series of snapshots. Once approved, vendors must update their responses every 90 days. Additionally, the platform searches social media, litigation, and regulatory complaints, and tracks communication between lenders to ensure accurate and industry-specific appraisal of vendors. Color-coded results allow lenders to maintain oversight with minimal effort. Users can review one specific vendor or search through a database to find one which fits their needs. “When we were developing ShareDiligence, we aimed to build a platform that both met lenders’ requirements and aligned with their viewpoints,” said Ari Karen, SCP Founder and CEO. “The solution had to be not only inexpensive and easy to access and understand, but highly reliable and extremely defensible from a compliance perspective. We are taking a practical and strategic view towards due diligence that eliminates pointless inquiries that only serve to create needless paperwork. At the same time, because it relies on both independent evaluation and the power of the community-based portal’s shared experiences and information, the system is inherently more defensible and reliable than individuated efforts at vendor management.” SCP has a special introductory offer for lenders to try ShareDiligence for free for 90 days. Learn more about ShareDiligence at one of their upcoming demonstrations Wednesday, April 27 at 1 pm EDT or Wednesday, May 4 at 12 pm EDT. Register here for the April 27 session. Register for the May 4 session. For more information contact Leslie Benjamin at lbenjamin@StrategicCompliancePartners.com.  

About Strategic Compliance Partners

Strategic Compliance Partners (SCP) is more than a compliance company. With a team that includes accomplished attorneys and experienced compliance practitioners, SCP brings together innovative technologies and legal insight to deliver outstanding service to mortgage banks, mortgage brokers, warehouse banks, depositories, and other financial institutions. Our clients benefit from a multifaceted, forward-thinking approach that constitutes only a fraction of the cost of hiring a full-time compliance employee. In the ever-changing world of regulatory mortgage compliance, SCP provides the on-demand results and strategic direction lenders need to succeed. For more information on ShareDiligence or Strategic Compliance Partners, contact Leslie Benjamin at lbenjamin@StrategicCompliancePartners.com or 646-418-6635.