Initial Vetting Package of a Third Party

Key Benefits

Comprehensive package to put on file

Would you hire a new employee without a proper background check? Chances are you wouldn’t. This easy-to-read report serves as your vendor background check. If there are any skeletons in the closet, we can help you find them.

Summarization of findings

You’ll receive a concise summary for each package item confirming whether the information was: satisfactory, of concern and needs further investigation, either unavailable or could not be verified.

Start your vendor relationship confident

Know that the vendor has the necessary preliminary qualification before selecting or signing a contract (or deciding to continue business with them). Go into the vendor relationship with the best outlook as possible.

What It Includes

Our Initial Vetting Package of a Third Party Includes:

• A Secretary of State check
• Complaint research
• OFAC check
• A D&B report for credit, trade and payment history data
• Tax ID #
• Articles of Incorporation/business license verification
• Negative news search

Not All Vendors Are Equal:
Venminder’s experts have determined that Closing Agents require specific oversight and research before signing the contract; therefore, we offer a separate Closing Agent Specific Initial Vetting Package of a Third Party that includes:

• Articles of Incorporation
• Closing Agent Wire Instructions
• OFAC, SOS, FHFA Suspended Counterparty, HUD, Business License and Attorney License check
• Closing Protection Letter
• Email IP/public or private
• Policy and Procedures
• Certificate of Insurance
• Title Insurance Verification
• American Land Title Association Best Practices ID #
• Better Business Bureau
• Proof of hiring policies/background checks on their employees
• BBB Data
• SEC Action Check (SALI)

Why It's Important

Vetting your vendors is an important part of your due diligence. You should be vetting a vendor regardless of risk level because inherent risk (the initial risk impression) is never equivalent to zero. A reputational risk is posed whether it’s a critical technology vendor or a non-critical vendor. Having no due diligence on file during the vetting process is very risky and probably won’t pass muster with your regulator.

Download a Sample

Initial Vetting Package of a Third Party Sample

Our team of due diligence experts will do all the research, collect the appropriate documentation and verify accuracy then provide you with an all-inclusive report summarizing our findings in an easy-to-read and quickly searchable layout. Download a sample to see this type of report.