Vendorly, a vendor oversight platform for financial institutions, is providing NTFN with a third-party risk management (TPRM) solution to maximize the company’s TPRM processes and minimize the risk presented by their large network of third-party vendors.
Through the Vendorly solution, NTFN has been able to successfully streamline their vendor management procurement and vetting process, saving in excess of 50% of their prior vendor management spend.
NTFN is a full-service mortgage banker established in 1992 and headquartered in Lewisville, Texas. NTFN partners with mortgage and technology-fulfillment vendors throughout the U.S. to produce an efficient and credit-worthy loan. NTFN found that in order to continue delivering first-class customer service, their vendor oversight program needed a comprehensive solution to track their 400-plus vendors.
NTFN initially managed vendors with a manual in-house process and turned to Vendorly’s software and services to streamline their vendor management procurement and vetting process. With Vendorly’s onboarding tools and TPRM support team, NTFN gained economies of scale and was able to focus on addressing identified vendor risks as opposed to time consuming and more mundane paper and electronic document collection and review. In addition, NTFN was able to save money on Vendorly license costs as a member of Lenders One, a national alliance of independent mortgage bankers.
“Before working with Vendorly, NTFN made significant investments into a staff with a specialized skill set to support the regulatory compliance requirements around vendor management,” said Gary McKiddy, CFO, NTFN. “With Vendorly, my staff is able to work in other areas of our organization and offset this cost while experiencing superior customer service. Vendorly’s agile vendor oversight software adapts to our needs, and their consultative management team helps support the NTFN business model for continued growth.”
“We are honored to be working with NTFN to enhance their vendor management program,” said Steve Greenfield, CMB, Director of Operations, Vendorly. “We created a unique approach to the overall vendor management lifecycle that expands on the generic vendor management questionnaire methodology. Our solutions enable vendors like NTFN to effectively manage vendor oversight, typically at a lower total cost to the organization. Without careful planning and available resources to invest in vendor management, the absence of risk oversight can result in a significant negative impact to an organization’s operations.”