Mortgage Software Solutions Blog

3 Tools to Avoid Compliance Risks with Data and Electronic Documents


Picture this. Your company has decided to provide end-to-end mortgage services for a new client. To make document sharing easier, you activate a remote login account so that they can have access to consumer reports. Hackers gain access on the client's end, steal the remote login credentials, and grab sensitive information. Unfortunately, this is not a hypothetical situation.

This happened to a mortgage lender back in 2008. 2008? That was 9 years ago, yet the FTC still uses this case as one of their prime examples of a security lesson taught the hard way. This company didn't protect vital data, and the FTC is strictly auditing them until the year 2028!

This is what can happen when your mortgage company creates compliance risks with data and electronic documents. It's a lot cheaper, we'd say, to invest in better data security than to lose the goodwill of your customers and have to defend yourself legally and face other consequences connected with a data breach.

Here's what you need for maximum security and full compliance.

Office 365 Mortgage™

With Office 365 Mortgage™, you are using all of the productivity features that Office 365 offers. Plus, it's configured to work right alongside your mortgage software for maximum security. How does it keep data safe?

  • One Password, One Portal - Users have secure, single-sign-on access, which helps combat issues that revolve around password reuse and other weaknesses. When you hire someone, there is only one account and password to set up, and when someone leaves, you only have one account and one password to delete.

  • Rest Easy With Built-In Security - Microsoft gives you three layers of security and also guards your business email with industry-leading anti-spam and anti-malware defense.

  • Prevent Data Theft - Security is a priority at Microsoft data centers, but simply deploying Office 365 straight out of the box cannot single-handedly keep your data safe. Mortgage businesses need additional layers of protection. This is why we step in and use complex configurations and custom-written software to make Office 365 Mortgage™ exceed banking standards.


Mortgage companies typically rely on human intervention to determine inconsistencies in their paperwork. Two or three different people will either enter the data into a system to cross-check against each other for inconsistencies; or, businesses will use OCR systems to automatically recognize text and numbers. Both of these methods require a certain amount of human intervention to audit inconsistencies, perform exception processing, and control data quality.

MortgageExchange® eliminates the need to re-key data between origination, servicing, core systems, and accounting. In this way, you seamlessly connect people, processes, partners, and information across dissimilar systems, while eradicating data re-entry, costly errors, and security issues at the same time.

Errors in documents can be as simple as a name misspelled or a wrong number in an address, or as serious as incorrect loan amounts or missing pages. All of these errors cause delays in closing, and incorrect loan amounts can have major consequences for the downstream systems processing the loan.


DocumentGuardian is a comprehensive document management system designed specifically for the mortgage industry. It is a cloud-based email service that provides secured encryption and transfer of files, pictures, and documents.

It starts by providing the borrower with a secure and easy way to send their NPI (Non-Public Information) documents without registering or creating a password. Compliance auditors recommend this type of security because, unlike box-type file sharing apps, it stores your documents in our secure data center only; not on individual computers and mobile devices.

Unfortunately, mortgage companies and financial institutions are still extremely vulnerable. With threats growing bigger every day, it is now more critical than ever for businesses to develop an information security plan and make sure that their vendors and other third-parties are covered too.

The non-profit Online Trust Alliance (OTA) warns that the "cyber landscape has changed dramatically just over the past 12 months," with organizations both large and small being the victims of attacks. Housingwire Magazine reports that numerous mortgage companies are now increasing security because of these significant incidents:

  • Thieves walked away with $80 million in 2016 during a cyber attack at the Federal Reserve.
  • 2017 started out with London-based Lloyds Banking Group experiencing a two-day-long distributed denial of service (DDoS) attack.

Employee breaches are also happening. In 2016, a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for their claims against Guaranteed Rate, another mortgage lender. These claims alleged that Guaranteed Rate, along with former employees of MOMC, illegally transferred hundreds of loan files from MOMC's internal systems to Guaranteed Rate's.

In today’s digital world, it is more important than ever to protect vital information and documents from these cyber thieves—both internally and externally—and to stay compliant with industry regulations that are becoming more stringent in response. Please contact us today at Access Business Technologies to learn more.
Topics: Compliance data management for mortgage companies data security

Accelerating the Sales Cycle With Better Data Management And Execution

accelerating the sales cycle with better data management and executionWith complex sales that involve a lot of money, it can take weeks to complete the sales cycle. Mortgage loan officers often wait an average of four to five weeks to close on a home. However, new rules have come into effect, as of October 3, 2015, that are making that process even longer.

The Consumer Financial Protection Bureau (CFPB) now requires banks to give consumers more time to look over loan documents. This is good for consumers, who benefit from having more time to check over their documents and make decisions, but that also means that mortgage loan officers will have to further prolong the sales process. Though mortgage lenders are fully aware of this, they now must look for new ways to speed up the loan process. In order to accelerate the sales cycle with better data management and execution, credit unions and mortgage companies are choosing Access Business Technology’s MortgageExchange software.

This software takes a new approach to the way mortgage companies store documents and access data, making it faster and easier to retrieve the information your mortgage loan officers need. Before, mortgage companies had to reconcile data into a central location, without updating the source systems. MortgageExchange makes sure the information, across all of your applications, updates into the system so users can access up-to-date information immediately, regardless of what application they use.

For example, 1st MidAmerica Credit Union and Summit Credit Union both started using MortgageExchange, which integrates easily with FICS and other core systems. Two more companies, GTE and Travis Credit Union, switched to MortgageExchange because it integrates with their account processing platform called Fiserv DNA.

The benefits of this new software have allowed mortgage companies and credit unions alike to save time, increase accuracy, and secure data, in order to shorten the sales cycle.

Real-time Information

When changes happen at mortgage companies and credit unions, providing real-time information builds credibility. It also helps customers feel more comfortable in the decisionmaking process. Mortgage loan officers understand that building trusting relationships and having real-time information is key to accelerating the sale cycle.

When working with customers, decisions can take the longest time. Due to the new rule by the CFPB, mortgage lenders will now have to wait even longer to get paid. To thrive in this business, a mortgage company will need good customer service skills, in addition to real-time access to information. Real-time analytics helps staff to follow-up with data, products, services, and information that will help consumers make a fast and informed decision.

Increase Accuracy

Current and accurate information is key to keeping documents organized and secure. If your company has to key data into multiple platforms, this could lead to employee error. With MortgageExchange, staff can key data into one application and easily integrate it into multiple other platforms in the Cloud. This provides real-time data that is easily accessible to help you and your client make smarter decisions.

Secure Data

When paperwork goes into the Cloud, it’s important to securely store documents by limiting who is authorized to view the information. Clients want to work with well-established companies that they can build trusting relationships with. Now, mortgage companies have found it easier to input data and scan paperwork into the Cloud because it keeps data more secure. At Access Business Technologies, we handle Cloud server maintenance and monitoring, so you don't have to.

Access Business Technologies is an SSAE16 Type II technology service provider that provides mortgage interface software to mortgage companies and financial institutions. Mortgage companies are quickly adding MortgageExchange™ because it provides a platform to help fast-growing businesses thrive in a competitive industry. For more information on the software we provide or to see a demo of how this software can work for you, contact us today.

Ready to start saving time and money? 

Click Here

Topics: MortgageExchange mortgage data management data management for mortgage companies