Mortgage Software Solutions Blog

Why Mortgage Companies Need Built-In Compliance Tools

blog pic for Why Mortgage Companies Need Built-InBusiness data is available at your fingertips, but is it protected?

If your mortgage company isn’t talking about advanced data governance, you’ve missed the memo.

Mortgage companies around the world are facing 2018 with a regulatory backlash as a result of data breaches in the US and Europe.

Every company is scrambling to find the best cybersecurity options for financial data and figure out how to comply with stringent reporting regulations at the same time.

How can your mortgage company ensure that you are up-to-date with the newest industry standards in data governance?

Bolt-On vs. Built-In Data Governance

There are two types of compliance tools that financial institutions can use to follow the law.

Bolt-on refers to compliance tools that a business implements to interact with their existing computer-based financial systems.

Built-in refers to governance features that are part of the same computer system that they use to do their daily business activities including customer retention, storage, and database systems.

Bolt-on tools are a non-integrated option from the first wave of computer data compliance. Systems with built-in compliance features and built-in threat protection are the modern solution to meeting compliance standards.

Built-In Compliance Runs at the Speed of Business

The main issue with bolt-on tools is that they lack the visibility necessary to maintain compliance and keep moving at the pace of the company. For example, when working with outside vendors, mortgage companies are responsible for verifying vendor security.

The legal industry reports that using bolt-on tools can delay the on boarding of third-party vendors for up to 17 days and slow down overall revenue growth. Built-in options, due to being native to the system, move faster.

Built-ins can also coordinate with IT permissions on devices such as laptops and tablets used by third-party employees to access sensitive data. They offer high interactivity while bolt-on tends to offer single-process patches for cybersecurity issues.

As regulatory agencies push for never-before-seen requirements, bolt-on solutions don’t make financial sense anymore.

The True Cost of Built-On Compliance

Though switching to a new system is an investment, bolt-on solutions are actually more expensive in the end. The incremental investment is limitless; each new regulation requires a new patch.  

Instead, built-in systems work backwards by going all-in. They offer extreme security features that allow a company to scale back to the compliance limit.

Bolt-on solutions also cost man-hours. It creates busy work for employees who handle information instead of receiving a completed system report. When you factor in confusion and redundancy, the hours start to add up.

In the US, a time lag in reporting can mean trouble. New York State is blazing the trail for new cybersecurity regulations by mandating that mortgage companies have less than 72 hours to officially report a cyber attack or else face financial penalties.

With a built-in system, alerts are immediate and coverage is full from day one. Your financial services institution is protected from the risk associated with litigation and data breach.

Built-In Protection from Data Loss

ABT, a California-based company, has developed a platform for mortgage companies with built-in compliance tools called MortgageWorkSpace.

Systems like this take compliance out of employees’ hands and create strict policies that are enforced by the platform itself.

Since financial institutions are legally required to hold onto sensitive customer data for specific periods of time, a system like this allows the company to write the retention policy directly into the document management system. The system itself identifies, tags, and protects data for archive, even by custom query.

Integrated Security Features

Built-in systems have other data protection features that connect with employee activity.

For example, Felipe the Finance Director receives an email addressed from Ciara the COO but doesn’t notice that it isn’t from her company email address. Because the company email is integrated with the cybersecurity system, Felipe sees an alert that the sender’s email address is suspect and likely a phishing attempt.

Even if Felipe opens the email and clicks on an unsafe link, the system will take Felipe to a safe link where he is alerted again not to proceed. This type of security safety net is possible because built-in security can transparently see activity system-wide and isn’t limited to a single platform.

Built-in security tools helps catch phishing links, unsafe attachments, unsafe webpage links, malware, and spam so that breaches are prevented.

As data governance regulations increase in almost every global financial market, mortgage companies can remain compliant by implementing cybersecurity measures that are fast, transparent, complete, and save the company money in the long run.

The best way to meet these ever-rising regulations is to get outfitted with a platform that handles compliance as a built-in feature of the system.

MortgageWorkSpace is a business solution that allows mortgage companies to comply with full industry requirements regarding sensitive data. Learn more about cybersecurity for mortgage companies by visiting ABT.

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Topics: Mortgage Servicing in the Cloud Access Business Technologies MortgageExchange cyber security information security for mortgage companies DeviceGuardian MortgageWorkSpace data security mortgage company security financial data security multi-factor authentication Business Intelligence cybersecurity mortgage industry cloud-based data Housing Market

4 Reasons to Implement a Mortgage Business Intelligence Strategy

bim.jpgBI visuals help employees in the company get on the same page.

Business Intelligence (BI) has come a long way since its first implementation.

At its most basic, BI has always involved analyzing reports and performance information to allow companies to make decisions based on past activity.

At the complex level of present-day information gathering, BI handles large amounts of unstructured, seeming unrelated data and then makes utilitarian connections between data points.

Using modern BI, a company can turn information sets into successful business strategies that give them the edge on the market and long-term stability over their competitors. Nowadays companies even have access to industry-specific BI tools.

Can you imagine why the mortgage industry should harness this ability? Here are 4 reasons to implement a Business Intelligence Strategy in your mortgage company.

  1. Integrated BI for Complete Data

By integrating business intelligence, a mortgage company has the ability to gather data on their activity via an existing mortgage enterprise management system (EMS) and then work with that data using the BI module.

With two or more applications communicating seamlessly, administrators have all the company information at their fingertips.

Integrating BI with existing tools like EMS and CRM platforms makes the data sets more ample and complete.

  1. Improved Strategic Awareness

Integrated Mortgage BI goes beyond just connecting platforms. It develops a rich business intelligence data warehouse (BIDW) that forms the basis for future decisions.

The BI module has the capacity of building data model visuals that are easy to understand. Using the full range of information available, this feature processes information to make it actionable. Pulling information from all sources means providing the company with rich prescriptive and predictive analytics output.

The strategy of information awareness and fact-based decisions produces a positive influence on the bottom line.

  1. BI Accessibility Breeds Positive Change

It used to be that companies needed IT analysts to interface with the data and come up with insight. It was a management level activity shared between tech folks and decision makers in the company.

With an industry-specific BI strategy in place, everyday users in a mortgage company can view easy-to-understand level-specific data related to their work. Placing BI in employee dashboards empowers them to make informed decisions. It goes beyond IT data and links up with HR, employee metrics, customized dashboards, and more to give the power of data to employees at every level of the company.

Smart decisions go from being seen as top-down directives to using real information as the basis for decisions company-wide. This change in company culture has the benefit of increasing employee job satisfaction and efficiency, which also affects the bottom line.

  1. Industry-Specific Bi is Affordable

There are plenty of BI applications on the market. From Tableau to Microsoft, the tech industry has developed a plethora of BI platforms with a range of executions.

There are also visionary platforms like Salesforce that are extremely flexible but require in-house IT customization. They come with bells and whistles that aren’t meant for the mortgage industry.

Mortgage companies without the resources to create their own fit have a better option. Industry-specific software with ample performance ability is the sweet spot. A mortgage-specific BI tool like this is the most affordable choice.

Mortgage companies who implement this type of “goldilocks” platform will be able to harness the power of BI quickly and easily.

Mortgage BI, developed by the same Northern California-based company that produces the data-sharing software MortgageExchange™, is a perfect example of this type of “goldilocks” platform.

ABT’s takes Microsoft’s Power BI software and their own MortgageExchange and combines them for a leading example of how companies can harness the big-brand power of BI without being oversized or overpriced. Not too expensive, no surplus of addons, and customized to be just right for the finance industry.

BI offers huge improvements to every modern mortgage company’s business strategy. The improved strategic awareness will save your company from financial missteps and BI-generated visual representations of performance data will put employees on the same page across the company.

With BI implementation, companies can efficiently put their data to work and move forward with clear direction.

Contact ABT directly to learn about Mortgage BI business analytics for your bank, credit union, or mortgage company.


Topics: Cloud Services information security for mortgage companies data interface solution data security mortgage software integration Business Intelligence Mortgage BI security productivity mortgage business mortgage regulations mobile technology mortgage industry

Protecting Against Online Financial Data Theft

In the last 18 months, the world has seen a sharp rise in cyber-attacks. Last year the term “data breach” became mainstream vernacular. In 2014, the Wall Street Journal devoted 1,102 articles related to data breaches up by more than 50% from the 470 articles from the previous year.  Thinking about how much financial data your mortgage firm deals with on a daily basis is enough to make your head spin. Because of this, you probably find yourself thinking about mortgage company security all the time. But if those concerns are keeping you up at night, it may be time to think more seriously about what kind of security you're using and whether it's really working to ward off cyber dangers.Last year, The Los Angeles Times did a piece about how vulnerable mortgage companies really are to the above threats. The report came from a cyber security firm called Halock Security Labs and an extensive study on mortgage lenders about their security vulnerabilities. In the report, the firm found that out of those surveyed, seven out of 10 mortgage firms sent digital data without proper encryption.

Perhaps this doesn't surprise you when we've evolved as a culture to turn off security concerns while sending or storing data online. With mobile device convenience and other advanced technology, it's easy to just ignore growing security needs and continue business as usual.

70% of companies were hit by a cyber attack in the last 12 months, and 43% of all companies have experienced a data breach in the last 12 months. In reality, everyone who deals with sensitive data online is vulnerable. Sometimes it means experiencing data theft unknowingly, discovering weeks or months later that your data was compromised. Other times it can mean major security breaches that leave your mortgage company reeling.

For your mortgage firm, what solutions can you find that are affordable and work efficiently to keep you safe from these threats? Take a look at some of the systems we offer here at Access Business Technologies and some scenarios where data from your mortgage clients could get into the wrong hands. A breach of your mortgage company's data may turn your customers into victims of identity theft and fraud.

Security on Mobile Devices

We have various solutions to make the entry and retrieval of private financial data on mobile devices extremely safe. By using MortgageWorkspace™, you have a reliable storage system for all of your client information with 24/7 monitoring protection. As you use our cloud solution, you have numerous tools to add to your security. You won't have to invest in individual security software because it already comes with the package.

When it comes to email, you're especially vulnerable while keeping in contact with clients. On a mobile device, you're more susceptible to a lack of judgement on malware when you're in a hurry. Our EmailGuardian™ is another great tool that loads on any device and monitors your emails to protect you from major viruses like Ransomware.

The same goes for our DeviceGuardian™ that works on mobile devices or on office computers. This tool helps provide reliable encryption on all your data, as well as helping you keep up with the latest security regulations.

Security Nightmares with Your Mortgage Employees

It's possible that many of your mortgage professionals are working out in the field in order to better serve their customers. As they head out to find or work with clients, they may have to use a Wi-Fi network in unfamiliar places. The problem, however, is that not all of those Wi-Fi networks are secure, even when they seem to be trustworthy.

As your loan officers enter private information while working with a client, someone could end up infiltrating a Wi-Fi network and taking personal information as it's entered. Additionally, as you attempt to do file sharing with clients or call up information to review, the same cyber theft could occur.

With the services provided by Access Business Technologies, you won't have to worry about cyber theft because the devices you use and all of the content you manage will be fully protected. Additionally, by using our cloud solution, all data is easily accessible anywhere you have an Internet connection, so critical financial information never gets lost. By moving your computer desktops and servers to our mortgage cloud, you empower your mortgage professionals to safely perform at the top of their game anytime, anywhere.  You can support, defend, and manage game-changing technologies and processes that help mortgage professionals thrive.

Contact us to find out more about the level of security we provide for the mortgage industry. We're a certified SSAE 16 Type II technology services provider that works to keep mortgage companies safe.

Topics: ABT PowerCore information security for mortgage companies MortgageWorkSpace

Information Security For Mortgage Companies: The Cloud Is Absolute


Information security for mortgage companies used to be simple. As long as your employees didn't take vital client information out of the building, it was secure. With every increase in technology over the past few decades, it's become more and more difficult to ensure complete information security within your business--and that means that your clients are at risk for fraud and identity theft. That's why your mortgage company needs a dedicated IT force focused on security to keep the vital information contained within your database as safe as possible.

Convinced that your current information security plan is more than enough to keep all of that valuable data safe? Consider this: each year, about 10 percent of users lose their laptop computers. That means that one in every ten of your employees with access to a laptop computer that isn't restricted to company grounds has the potential to lose that information--or accidentally deliver it to someone who knows that passwords aren't enough to keep them out of that information.

Instead of keeping vital information stored on a hard drive that's easily accessible to anyone who gets their hands on it, what about securing that information in a cloud that's less easy to access and much harder to lose? You need an IT company that can handle supporting all of your users no matter where they might go--a cloud "fortress" that can provide your clients with the security they need to know that their information is protected.

Access Business Technologies is dedicated to keeping your information safe from new threats even before they arise. According to this source, many attacks aren't even created based on new glitches in an existing system. The attacks are being developed by hackers who aware of technology glitches more than a decade old that simply haven't been patched yet. Preventing attacks from these sources requires a security team looking over your system, remaining aware of the ways in which breaches can occur. Because we're dedicated to providing protection for mortgage companies specifically, we're more familiar with the potential openings in your system than any hacker will ever be, and we'll work to close those openings before they become a problem.

Access Business Technologies is even prepared to offer security with regards to your third party contacts. According to several different sources who are predicting the greatest IT threats of 2015, third-party attacks are becoming increasingly common. Anyone who does business with your mortgage company becomes a potential threat--not because they're dishonest, but because their system might not be as secure as yours.

If you aren't prepared for the possibility of that attack, you put your customers at risk as much as if your own system was breached. A dedicated security team--ideally one that is outsourced and concerned solely with handling your IT needs--is more vital than ever before. Access Business Technologies is aware of the rise in third-party threats, and our cloud protections are absolute: even if your third-party contacts aren't protected, your information will be.

Are you looking for an IT delivery platform customized for your mortgage company's needs? With the MortgageWorkSpace IT delivery platform, you can rest assured that your company is receiving all the security it needs. Ready to get started? Please contact us today to see why we have a 97 percent satisfaction rate from our clients.


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Topics: information security for mortgage companies