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CFPB issued Bulletin 2012-03
in March 2012
Independent Mortgtage Banks
must create and implement a vendor mangement program based on the CFPB requirements.
The CFPB issued Bulletin 2012-03 in March 2012 which outlined mandatory requirements for the management of third parties or vendor relationships for all independent mortgage banks known as Third Party Management ("TPM").
MBS can provide a comprehensive understanding of the CFPB requirements along with essential implementation guidance.
Effective implementation of this bulletin is essential and is based on the information from the Federal Financial Institution Examination Council, (“FFIEC”).
MBS can make sure you understand TPM:
CFPB Third Party Management Requirements from CFPB
Consumer Protection Laws impacted by TPM
Third-Party Management Policy of CFPB Service Providers
Vendor Risk Weighting and Catagory Management
How to identify CFPB Vendors
Due Diligence Overview and Scope of Work
On-Site Testing Requirements
Due Diligence cost vs Risk Assurance
Service Level Agreement Requirements
TPM Performance Requirements
Reporting and Contingency Planning
Contact MBS to help verify your TPM policy and procedure meets the requirement of the CFPB.
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