- This topic has 1 reply, 2 voices, and was last updated 1 year, 4 months ago by
.
-
Topic
-
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!
-
Replies
-
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.
NOTICE: This email message, including any attachments, is intended only for the addressee, and may contain confidential and privileged information either as protected work product or confidential client information. Any unauthorized review, use, disclosure or distribution is prohibited. If you are not the intended recipient, do not read, copy, retain, or disseminate this message or any attachment, and please contact the sender by reply e-mail or at 888.760.5646and destroy all copies of the original message and attachments. Neither the transmission of this message or any attachment, nor any error in transmission or misdelivery shall constitute waiver of any applicable legal privilege.
THIS EMAIL AND ITS ATTACHMENTS DO NOT CONSTITUTE LEGAL ADVICE
- You must be logged in to reply to this topic.