What are the responsibilities and job description for the Vendor Management Analyst position at Mountain West Financial, LLC?
Position Description:
Summary:
The Vendor Management Analyst oversees third-party vendors to ensure absolute alignment with mortgage regulations. You will manage the entire vendor life cycle, mitigate financial and legal risks, and monitor service level agreements (SLAs). This role acts as a critical liaison between internal departments and external regulatory agencies to ensure seamless operational compliance.
Essential Functions & Responsibilities
Agency Portal & Account Management:
- Regulatory Compliance: Ensure all third-party vendors are compliant with applicable regulations based on the services performed and handling of Non-Public Information (NPI).
- Risk Assessment: Conduct risk evaluations and due diligence during vendor onboarding and annual reviews.
- Performance Monitoring: Collaborate with business unit leaders to track vendor performance metrics, scorecards, and SLA fulfillment on an annual basis.
- Audit Support: Gather vendor documentation and evidence for internal audits and state regulatory examinations.
- Contract Management: Partner with legal teams to negotiate compliance-related clauses in vendor contracts.
- Issue Resolution: Coordinate corrective action plans when a vendor fails a compliance check or breaches a contract.
Regulatory Filings & Reporting:
- Solely responsible: For generating, managing, and auditing the vendor-specific data, evidence, and risk reports that support those external filings.
- HMDA Data Accuracy Reports: For institutions outsourcing data collection, the manager tracks third-party entry errors to ensure accuracy for the annual Consumer Financial Protection Bureau (CFPB)
- NMLS Mortgage Call Report (MCR) Submissions: Provides required quarterly performance metrics, licensing status updates, and transaction volumes for any future vendors that perform outsourced loan origination or servicing tasks.
- State-Level Security Certifications: Manages compliance records required by state bodies, ensuring vendors with access to Non-Public Personal Information (NPI) maintain active security safeguards.
Audit & Exam Support:
- Vendor Due Diligence Evidentiary Packages: Ensure comprehensive vendor compliance files containing vendor licenses, certificates of insurance (COI), and formal corporate credentials
- SOC 1 & SOC 2 Evaluation Reports: Annual assessments of vendors' System and Organization Controls (SOC) reports to guarantee customer financial data and Personally Identifiable Information (PII) are protected for those vendors performing processes where these certifications are required.
- Corrective Action Plans (CAPs): Formal reporting on vendor compliance failures, detailing the specific steps being taken to resolve the breach and prevent consumer harm. Coordinate with the CTO to ensure any needed breach notifications are communicated.
- Critical Vendor Risk Assessments: High-level risk stratification reports categorizing third parties by their access level to consumers and sensitive financial files.
- Service Level Agreement (SLA) & Scorecard Reports: Monthly or quarterly tracking of vendor operational efficiency and contractual compliance metrics.
Knowledge, Skills, and Abilities
- Experience: Minimum 4–6 years in mortgage banking, legal compliance, or mortgage vendor risk management.
- Regulation Knowledge: Deep understanding of federal and state mortgage lending laws and privacy regulations (GLBA).
- Experience utilizing vendor management software platforms (e.g., Ven Minder, Logic Gate, Archer, Comergence).
- Analytical Skills: Strong ability to interpret complex data, audit reports, and legal contracts.
- Communication: Exceptional negotiation and relationship-building skills to manage diverse third-party partnerships.
- Detail Orientation: High precision in tracking expiration dates, filing deadlines, and document accuracy using the vendor management software platform.
- Communication: Strong ability to coordinate between executive leadership, state agencies, and internal IT/Accounting teams.
Benefits:
Health Insurance, 401K PlanSalary : $31 - $38