An intelligent vendor management module in a closing solution goes beyond expiration dates and basic due diligence. In today’s world it is an absolute necessity for mortgage lenders because it allows for visibility into each vendor involved in the origination process such as title and appraisal. IT also enables lender’s to evade manual processes in tracking orders, maintaining communication, and evaluating vendor relationships and performance. An intelligent vendor management portal is simple to use, secure and cloud-based that allows you to gain full control over your vendor portfolio.
Automation principles are put to work to ensure seamless workflow management. Leveraging the power of a modern-day vendor management portal, lenders can easily manage a number of vendors effortlessly by facilitating digital onboarding, collect critical information securely, register companies, streamline documentation, all while maintaining a robust vendor database along with a secure backup.
Scalable Vendor Management Platform
An intelligent vendor management portal should be a highly scalable platform where enhancement in vendor related functions can easily be achieved. The vendor portal can be scaled to support functions such as integration into existing business systems, ranking vendors based on performance, and perform vendor due diligence tasks with ease.
Here are some of the intrinsic features to look for:
- User accessibility within external and internal organizational use
- Workflow customization to formalize your existing vendor on-boarding process
- Categorizing vendor information to allocate resources efficiently to save time and capital
- Collect and manage vendor interactions including requests for new documents and approval
- Adaptable interface that is user-friendly and easy to use for the greatest adoption
User-Friendly & Intuitive:
As a lender, you want a solution that is easy to use and friendly. An intelligent vendor management solution is built on the principle of providing a best in class experience in terms of functionality and benefits. The technology used to develop such a solution itself is intuitive and allows you to freely operate without getting confused or lost.
Intelligent Vendor Management:
Effective vendor management and collaboration are essential in a portal. Our vendor management module is intelligent and helps you rank, prioritize, monitor and effectively communicate with vendors. Managing vendors with respect to a specific product, client, or even geography are well within the scope of an intelligent vendor management portal.
Security & Compliance Assurance:
Lenders need to collaborate with multiple parties including vendors such as title agents for an efficient and successful closing. There is a continuous flow of information that is being exchanged and compliance rules and timing can make things complicated. Alleviating the pressure of tracking and establishing communication to close a deal, lenders can focus on delivering an excellent borrower experience as automation assures security & compliance parameters within the portal. With the increase of ransomware attacks and heightened attention to cyber security, security and backup are critical.
The software is driven on automation and utilizes data-driven technology to provides lenders greater visibility into key business functions. Convenience with bulk upload, auto-typing and auto-order entry are some of the few automation features that can reduce your costs and fast-track the pre & post-closing process.
AtClose – The New Generation of intelligent vendor management
AtClose Exchange is a closing solution that allows lenders to communicate directly with vendors to order services needed for the loan, receive services securely and quickly, and define and track performance standards for shorter cycle time and improved data accuracy.
Most lenders today are referencing a manual checklist of vendors with whom to place their orders. A key benefit in leveraging a closing solution is the ability to define performance standards for each product. When placing orders, lenders can rank their vendors based on quality, pricing and service levels. AtClose supports configuration to a lender’s rules for every service, such as:
-using the vendor ranking to define order assignment
-override ranking and change the assignment based on a “one-off” circumstance
-send orders to a specific vendor in a specific geographic location based on product or price or even at a zip code level
Are you a mortgage lender and looking to elevate your closing experience by managing vendors with automation? The time is right to get in touch with AtClose as we have the new generation of digital mortgage solutions such as the powerful and secure AtClose Exchange!
This is our final article in the series showcasing how vendor management through automation leads to a faster and more efficient closing. Our journey in the series commenced with the complications of vendor multiplicity and challenges, then we discussed the growing role of digital vendor management in the mortgage industry and concluded with how an intelligent vendor management module is where the solution lies. We hope this series was helpful in understanding few facets of the quickly evolving mortgage lending industry landscape.
To learn more about AtClose, request a demo, or speak with one of our consultants, visit AtClose.com