A. Vendor Management Company offers bundled services to the mortgage lending business by establishing a network of vendors which provide one or more of the necessary products and services to close a real estate transaction. By using vendors with expertise in particular fields of service, the lending institution is able to deal with one point of contact, the vendor manager, and still be confident that their loans are serviced by competent providers. The internal cost of tracking down the work of many providers is passed on from the lender to the VMC.

What are Bundled Services?

A. Bundled services is the new catch phrase of the real estate services industry. With the pending changes in HUD regulations, many lenders will be looking for one company which can provide them with all the products and services needed to close a real estate transaction in a packaged price. Some of the services which could be included are title exam and search fees, title clearing services, funds disbursement, closing services, escrow services, title insurance, document preparation, etc.

Why use a Vendor Management Company (VMC)?

Use of a VMC eliminates the need for the lender to have the infrastructure, and all the associated costs necessary to deal with individual service providers. The VMC is in essence a one stop shop for the lender.

How do I know if my deals are being handled properly?

Customized Lender’s Services prescreens all of our vendors to be sure that they are experienced and competent in their particular business. Besides the core competencies we look for vendors that have our same philosophy with regards to customer service. At CLS we pride ourselves on catering to the needs of our customers to ensure that the deal gets closed. We insist on the same from our vendors and monitor their performance, not just on turnaround times, but also on customer satisfaction.

How do I track the progress of each component of the settlement process?

Very easily! As your vendor manager we take care of tracking the progress for you. You can contact your CLS representative at anytime for a status report on your particular deal. The CLS agent will insure that each vendor is processing your file in the manner and time period specified by you.