In this episode of Lykken on Lending we've got Scott Roller, co-Founder at Vendor Surf, with us in order to discuss the next generation of vendor sourcing and oversight as it applies to the mortgage industry!
Learn more about Scott Roller
Scott Roller is Founder of 3W Partners, a consulting rm for ‘all things vendor,’ and he is Co-Founder of Vendor Surf, the industry’s only vendor search engine – with over 3,000 filters.
Scott’s companies are dedicated to revolutionizing sourcing of vendors, monitoring and reporting on the marketplace to provide participants what they need to flourish.
He previously served for 8-years as Director of Vendor Management at a Top-4 bank, and has procured over $4 billion in vendor services.
Scott is a speaker and author on the national circuit, and is passionate when he tells you that, “Nobody Out-Vendors the Surf!”
Topics Covered in this Interview
1 - How has vendor sourcing and oversight changed in the past decade?
2 - How are Millennials impacting the change?
3 - What vendor related trends and challenges are you encountering?
4 - What are some advancements our listeners can leverage for better efficiency and reduced risk in vendor selection and oversight?
5 - What future enhancements and innovations can the mortgage industry expect to see in this space?
Excerpts from this Episode:
Listen: The front door to an organization is a lot harder to find now... after the meltdown the vendor sourcing world changed...
Listen: Lender sourcing cycle times have extended to 24 months or more...
Listen: If you look at the millennial generation, 44% of this population are minority, making them the most diverse adult generation of our lifetime...
Listen: What are you doing to pivot your mortgage company to connect with millennials? You have to meet millennials where they hangout on their terms...
Listen: Keep in mind that innovation is not enough, you have to provide content that millennials would want to share...
Listen: Decisions are no longer made by a person... they're made by a committee from across a mortgage operation...
Listen: Lenders are doing more with fewer vendors... in 2018-2019 there were 80 mergers and acquisitions... it's one a week and we don't hear of every transaction...
Listen: When it comes to vendor sales teams... we're seeing a lot less cold-calling and a lot more content marketing...
Listen: Cyber security is one of the biggest fears in the financing industry... you can now get widespread insights into your vendor vulnerabilities...
Listen: How far can a mortgage company outsource responsibility to vet their vendors...
Listen: Interested in getting your mortgage company listed with Vendor Surf? Here are the details...
Listen: For lenders using Vendor Surf... getting started is free...