During a recent Third-Party Risk Assessment of our Vendors, we identified three vendors that should no longer be considered Tier 1 Vendors as defined under our TPRM Risk Management Program. These vendors are now being classified as Tier 2 Vendors. Please note, there will be no change to the level of due diligence reviewed on these vendors every 12-18 months. They will continue to be monitored for performance in line with our TPRM program requirements. Going forward, they will no longer be reported on the Tier 1 Client report (heat map) included on CenAccess.
Here is the list of vendors that have changed status and our rationale for doing so:
Exela – Cenlar’s Lockbox Provider
- Check volume coming through the lock box has significantly decreased as consumer behavior has heavily shifted to use of electronic payments
Ventanex – Optional Retail Branch Payments
- Borrowers have multiple avenues to make payments (via mail, website, phone, and ACH)
Vsoft – Check Imaging System
- In the event of a termination, either planned or abrupt, Cenlar can insource the activities or transition work to other existing vendors without disruption