TheMReport — News and strategies for the evolving mortgage marketplace.
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10 | TH E M R EP O RT www.fics.com ™ | 972.458.8583 Coect Today! FICS ® , WWW.FICS.COM™, LOAN PRODUCER ® , COMMERCIAL SERVICER ® and MORTGAGE SERVICER ® names and logos are registered trademarks or trademarks of FINANCIAL INDUSTRY COMPUTER SYSTEMS, INC. Loan Origination Software Mortgage Servicing Software Commercial Servicing Software Your Mortgage Software Partner When you automate with FICS' loan origination and mortgage servicing software, you'll save money through a low initial investment, nominal monthly support and maintenance fee, paperless servicing or origination, real time processing, and enhanced productivity. Save Time and Money! MTECH similar goals—to create innovative solutions that transform the industry, support regula- tory and compliance requirements, and create a better borrower experience," said Greg Teal, CEO of Ernst. "As the leading provider of software, data and analytics to the mortgage industry, we are confident that Black Knight will take the capabilities Ernst is known for and elevate them to the next level to help advance the industry." Enhancing Contract Management Feature VENDORLY'S NEW FEATURE WILL PRO- VIDE INSIGHTS INTO CONTRACT TERMS, PERFORMANCE, AND SPEND ANALYSIS. V endorly, a vendor oversight platform for financial institu- tions, announced the launch of its Contract Management feature to enhance insights into contract terms, performance, and spend analysis within the vendor man- agement solution. Contract Management is available as a new feature for existing customers using the Vendorly platform, or as an independent software-as-a-service (SaaS) offering. In a Vendorly survey conducted ear- lier this year, 44 percent of banking and mortgage professionals surveyed said their organizations were responsible for man- aging at least 100 vendors. When asked how often their organizations monitor and assess vendor performance, 30 percent of respondents said annually. With the addi- tion of the Contract Management feature, Vendorly makes it easier to gain valuable insights into contract terms, performance, and spend analysis of third-party ven- dors. Financial institutions can proactively manage key metadata within a contract and create action date triggers to automate reminders to help avoid missing renewal and other relevant dates and terms. "Contract management is an essential component of a robust third-party risk management program (TPRM) because many controls and best practices stem from the contract language," said Jim Vaca, SVP of Vendorly. "As TPRM gains more focus from the C-suite, it is important to offer insight into the vendor contracts to help mitigate contractual and compliance risks by ensuring that relevant contract clauses, such as indemnifications, performance lev- els, and assignment terms, are in place and managed appropriately. Having a single- vendor contract repository with reporting functionality will enable insight into not only vendor spend but also the contract terms and associated requirements."