Mortgage Software Solutions Blog

As data security professionals, it's clear to us why mortgage companies should be using multi-factor authentication (MFA) in their businesses. Yet many mortgage firms are still resistant to adopting this technology for fear that it will only complicate processes and slow productivity. However, the benefits of this added security far outweighs the additional effort it requires.

Is your mortgage company encrypting the hard drives of the devices it uses to conduct daily business? Here’s a better question: Could your mortgage company withstand the potentially catastrophic fallout that would occur if a computer containing confidential client information was stolen and fell into the wrong hands? What about the regulatory repercussions and lack of customer confidence that such an event would cause?

What would happen to your mortgage company if it were hit with a serious computer virus or other malware? Could your company survive both the immediate and long-term financial impact of your critical data and client records being compromised or lost? More importantly, could your company weather the loss of customer confidence in your ability to protect their data?

Cyber thieves are amping up their attacks on major banks and the U.S. Federal Reserve. Recently, $81 million dollars was stolen from a Bank of Bangladesh account at the New York Fed. Cybersecurity officials are rapidly securing possible entry points for cyber thieves, finding that the most ordinary access points, such as email and social media accounts, can be all a thief needs to gain access to highly sensitive data. What does this mean for mid-sized lenders in the mortgage industry?

Businesses that deal with finances and credit face specific social networking safety concerns that many other businesses do not. From threats to family members in hostage situations to the potential for irrevocable public relations harm, mortgage businesses must consider carefully how to address the security issues that may arise from employee social media use.

As a lender, are you protecting the privacy and personal information of the borrowers you serve? Data security is a vital responsibility that you take on when you accept personal information from your clients.

Credit unions and mortgage companies are entrusted with some of clients’ most private information. From social security numbers to bank statements, it’s imperative that those companies are taking measured steps to protect borrowers and their private documents from cybersecurity threats.Often the borrowers themselves place their information in jeopardy when they send non-public information via unencrypted emails. This places many lenders in a predicament. Somehow, they must maintain trust, security, and compliance, without sacrificing client efficiency and convenience. Though achieving this balance was once a problem for mortgage companies, there is now a tool available that can do just that: DocumentGuardian. 

Even though larger corporations are making use of internet speed when it comes to mortgage applications, a proliferation of customized tech services are making those speeds available to smaller credit unions and mortgage companies. Yes, small, local mortgage companies still exist, but in order to compete with similarly sized companies, as well as those bigger, global companies, mortgage companies need the right data in the right place and in real-time.