Challenge

NewRez LLC (NewRez), formerly New Penn Financial, LLC, is a leading nationwide lender that focuses on offering a breadth of industry-leading products, supported by a loan process that blends both human interaction and the benefits of technology into an unparalleled customer experience. Founded in 2008 and licensed to lend in 49 states, NewRez is headquartered in Fort Washington, Pennsylvania and operates multiple lending channels, including Wholesale, Correspondent Lending, Direct-to-Consumer, Retail and a network of Joint Venture partners. NewRez is a Shellpoint Partners company and a member of the New Residential Investment Corp. family.

Prior to Venminder, NewRez managed over 300 vendors through tools like JIRA, spreadsheets, emails and Microsoft Office documents. Vendors weren’t managed in one centralized location, making the process cumbersome.

“We need a system that could provide us with automation, visibility, collaborative workflows and processes, external communication and requests efficiencies, inter-departmental task sharing and an objective review process,” Cory Sawka, Vendor Analyst at NewRez, shared.

Solution

NewRez chose Venminder as their third-party risk management partner as the platform would provide automation for external communications at a competitive price combined with having a product strategy that is being aligned to meeting customer needs.

“We liked the potential for customization and automation in internal and external communications. Venminder was on board with future optimizations that we’d like to see. And, the price was very competitive,” said Cory.

Once NewRez began their Venminder implementation, they found the process ran smoothly.

“The onboarding experience for Venminder was very good overall. Venminder’s team is a highlight of the business relationship as support and availability can’t be much better. The team provides solutions to all requests in a timely fashion with the utmost business courtesy. The contracts being reviewed by Venminder’s team was a most convenient feature. My favorite feature though is the questionnaires as they’re the most advanced feature that allow for the most adaptive user experience to gather and produce answers from almost any recipient, internal or external, or references.”

Result

Overall, NewRez has found Venminder to be an addition to their vendor management program that is a breath of fresh air.

“Venminder has helped to objectify our assessments and reviews, which we wanted. It’s a relief. Venminder helps demystify the audit process as a whole,” Cory stated.

NewRez finds Venminder affordable and there is potential for increased time savings.

“Being a department that does not bolster the bottom-line revenue, senior management found that Venminder has a wide array of affordable modules and features with high potential and fair value at current contract prices. As far as time savings goes, all the vendor management work is now in one place, rather than in multiple applications, folders, and lists, so that is a much more efficient use of time and energy for our team."

As a highly regulatory lender, NewRez has found Venminder to be a solution they would recommend for all vendor management related areas.

“We are a vendor management team of two for a top 10 lending company that has over 300+ products/vendors in a highly regulated industry and have found reprieve by adding Venminder to help in all areas vendor management related. I would recommend Venminder to companies that have centralized vendor management teams that need to squeeze blood from a stone in terms of efficiency and better use of the department resources.”

Cory shared that NewRez appreciated Venminder’s commitment to identifying and collaborating with customers on their needs.

“Finding a partnership that realizes each side’s potential for mutual growth through collaboration is the rarest form of relationships that come along. Venminder seems to have a knack for peeling the onion and understanding customer needs. They adapt their software, service and processes in light of their findings from closely formed partnerships which is a huge benefit.”