Does anyone have a 3rd party mortgage loan servicer audit program they would be willing to share? I am going to start by reviewing requirements of Thrift Bulletin 82a (we are OTS regulated) but was hoping to get a head start by looking at an already developed 3rd party servicer audit.

THANKS!

Since no reply, my next question is...if you have a third party service your mortgage loans, are you, or are you not, performing an internal audit? We are still not 100% sure we need to perform one, or if we do, how detailed it should be. Any advice? Thanks!

In our bank, vendor management is looked at as part of every departmental audit - so if we have a vendor performing mortgage services, how the department manages the vendor will be looked at as part of the mortgage audit. We also may have a vendor management audit, looking at the bankwide vendor management policy and how it is implemented and followed. We would not have a separate internal audit just of a vendor. This mortgage vendor is probably not the only vendor your bank relies on for certain key services - how does your bank handle other vendors? You should have a bankwide vendor management policy which outlines a due diligence process, and a monitoring process. The policy should give guidelines on what circumstances might be cause for the bank to perform it's own audit of a vendor (and the capacity to do so would have to be written into the vendor contract). Then you can audit to the policy.

Thank you for the info.