In 2013, both the OCC and CFPB issued new bulletins emphasizing their expectations for third-party oversight. In short, lenders are liable for the practices of their business partners, and both agencies have released specific guidelines on what to look for in a partner to limit risk.
The OCC's New Third-Party Oversight Requirements
How do the new Third-Party Oversight requirements affect appraisal operations?
First published on 05/19/2014