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Our Mortgage Department pulls LexusNexis reports on builders annually but they would like to pull the report more frequently. Can we add a clause to the application allowing them to pull LexusNexis at will? Or would we need authorization to pull it within a certain time period? Wondering how this is handled at other institutions. Thanks!
I can’t answer for other institutions but at will seem to be a risk IMO. How will it be monitored? Do these “at will” pulls cause any negative effects to the consumer/customer? What is the purpose for needing at will? Based on HCR programs and Third-party management due diligence standards a case could be made for a frequency that aligns with your programs based on their risk rating, but I would caution the “at will” concept. Without strong controls based on a program built on your institutions risk program standards.
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