Due Diligence and Ongoing Monitoring

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  • 1.  Title Companies

    This message was posted by a user wishing to remain anonymous
    Posted 06-12-2020 05:54 PM
    This message was posted by a user wishing to remain anonymous

    For mortgage lenders: We are looking for feedback on how/if others evaluate title companies chosen by a borrower's attorney if they are ordering lender's title?  Do you vet those? If so, is it a modified review?  We complete diligence on our title companies, but are running into a few instances where the borrower's attorney has wanted to have title ordered through a specific title company which hasn't been vetted by us.


  • 2.  RE: Title Companies

    Posted 06-17-2020 09:54 AM
    Some interpretations of TILA-RESPA seem to indicate that Title Companies are vendors. However, most vendor management and third-party risk management  departments will specifically write closing companies and title companies out of scope in their policy and program documents. This of course varies from state to state depending upon laws of each state. I would be curious to know how others are handling title and closing companies and what state you are from.


  • 3.  RE: Title Companies

    This message was posted by a user wishing to remain anonymous
    Posted 08-29-2022 08:01 AM
    This message was posted by a user wishing to remain anonymous

    Hello,

    I was also curious as to how everybody handles Title companies, when it comes to TPRM.  What level of due diligence do you perform?
    Do you make them out of scope? what is the rationale?