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CUSTOMER SUCCESS STORIES

ShellPoint Mortgage Servicing Gains Audit Cycle Visibility with the Help of Venminder

With a manual process for third-party risk management, ShellPoint required a more efficient approach to managing their 300+ vendors

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About ShellPoint Mortgage Servicing

Shellpoint Mortgage Servicing is one of America’s “Top 10” non-bank servicers of residential mortgage loans with over 1,300 employees working out of their offices in Greenville, SC and Houston, TX.


“A big positive of Venminder’s platform is that it lets us see a cradle to grave cycle. In addition, it has made identifying low, medium and high-risk vendors easier. ”

Kayla Gooding
Vendor Auditor

Challenge

Shellpoint Mortgage Servicing is one of America’s “Top 10” non-bank servicers of residential mortgage loans with over 1,300 employees working out of their offices in Greenville, SC and Houston, TX. On behalf of their lender and investor clients, they collect principal, interest and escrow payments from more than 800,000 homeowners nationwide. Prior to Venminder, Shellpoint were managing over 300 vendors using Excel spreadsheets.

“Using Excel, we had to open and work between multiple spreadsheets, which caused inefficient processes and even slowed down our computers,” shares Julius Drayton, Vendor Auditor at ShellPoint Mortgage Servicing.

ShellPoint needed access to reports that they could guarantee were providing accurate information as well as stored all information within one centralized location. The servicer also wanted to automate their processes with a system that would provide custom abilities.

“Since we have over 300 vendors to manage, we wanted a system that automated our due diligence schedules and allowed for vendor profile customizations,” says Kayla Gooding, Vendor Auditor at ShellPoint Mortgage Servicing.

Solution

ShellPoint chose Venminder as the platform as it would provide them with a full lifecycle view of all the stages within their vendor management audit cycle.

“A big positive of Venminder’s platform is that it lets us see a cradle to grave cycle. In addition, it has made identifying low, medium and high-risk vendors easier. It had been a difficult process before,” said Kayla. Today, the servicer has more efficient processes in place for risk assessing vendors.

“We weigh our vendors risk based on the level of access they have to our data. For example, we take into consideration if they have access to non-public information (NPI). Venminder has really helped us to get all of this in order.”

ShellPoint is also a fan of the Venminder modules and profile tabs segmentation. “The Venminder platform is very clean, clear and crisp. There are no questions about where we are in the vendor management process and that’s something we really like.”

Result

Since partnering with Venminder, ShellPoint has heard great feedback from their colleagues and even their vendors.

According to Julius Drayton, “Business units say they find Venminder very easy-to-use. One of our vendor contacts, who has been in the industry for some time, has told me that it’s the simplest system they’ve seen.”

The servicer is very happy with Venminder’s customer service, too.

“Our relationship manager is very supportive. She goes above and beyond by giving us one-on-one training, welcoming all questions and calls and has an overall willingness to jump in and help.”

Before Venminder, ShellPoint had a CFPB exam that didn’t go as well as they’d anticipated. The examiner feedback indicated their process didn’t visibly show a full and complete audit cycle. The clarity and presentation weren’t there. Now, examiners feel the visibility has been strengthened.

Kayla Gooding shared, “Now, examiners see a whole cradle to grave vendor management process and audit cycle. Examiners can visibly see that we’ve followed our policies and procedures and comply with our contract management and audit schedule.”

According to the ShellPoint team, Venminder and the educational training sessions the company provides have helped continue to shape their new vendor management processes.

“The training sessions provided and the knowledge we gain has been beneficial as it allows us to pass along helpful information for improvements to our internal staff.”

ShellPoint says they actively recommend using Venminder to those who ask.  

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“Business units say they find Venminder very easy-to-use. One of our vendor contacts, who has been in the industry for some time, has told me that it’s the simplest system they’ve seen.”

Julius Drayton
Vendor Auditor

At a Glance

Company name
ShellPoint Mortgage Servicing

HQ
Greenville, SC

Asset Size
$1 Billion

Interviewees
Julius Drayton, Vendor Auditor
Kayla Gooding, Vendor Auditor

Challenges

  • Manual process that presented challenges in managing 300+ vendors
  • Excel was difficult to use
  • Examiners found prior processes didn’t visibly show a full vendor audit cycle

Results

  • Clear visibility into the full vendor audit cycle
  • An improved vendor management process
  • Successful examinations
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