Mortgage Software Solutions Blog

ABT Leads the Digital Transformation of the Mortgage Lending Industry

ABT Leads the Digital Transformation of the Mortgage Lending IndustryA laptop on the desk of a finance professional.

There is no slowing down for mortgage lenders in 2018.

Mortgage volume in the US is expected to grow and according to National Mortgage News, lenders increasingly view technology as a way to gain a competitive advantage in the growing market.

While some lenders embrace the efficiency that technology gives to the industry, a full 29% describe technology initiatives as a “necessary evil” of the industry.

Access Business Technology, a California-based fintech company, is determined to bring the industry up to speed and usher in the digital transformation of the mortgage industry.

ABT Deploys Quality Hardware & Software

Access Business Technologies (ABT) is a fintech consultant focused on technological advancement for the finance world. The company deploys both hardware and software meant to advance the technological capabilities of their clients.

For hardware, ABT deploys the Surface Pro armed with MS Office 365 for finance professionals who need the best tools for communication and collaboration. This combo provides a quality all-around foundation for finance-focused companies looking to standardize or reduce their device inventory.

ABT is also software developer with award-winning platforms created specifically for mortgage lenders. They have an array of software solutions for lenders that are up-and-running quickly while providing a seamless work environment for staff.

By working with a fintech expert like ABT, lenders save money and get a premium setup with premium service from a single channel.

ABT Provides Secure Cloud-Based Infrastructure

Quality software and hardware are not the only considerations for ushering in an age of technology in the mortgage industry.

Infrastructure also affects staffing. How can mortgage companies attract the best talent?

Flexjobs, a resource for remote workers, reports that workplace flexibility is becoming more important. From 2014 to 2017, the number of people who quit a job due to lack of flexibility has doubled.

Cue the new standard for business: the cloud-based work environment.

The cloud-based platforms that ABT offers to the world of fintech are a major solution to the increasingly remote work environment. Clients who migrate to the cloud don’t need to worry about scaring away talented finance professionals who demand flexibility.

Though the cloud is a relatively new requirement for finance companies, ABT has ensured that security is a first priority. ABT, with its finger on the pulse of the mortgage industry, has focused their fintech developments on cyber security and ensuring that data breaches are not a danger for their clients.

ABT provides cloud-based protection for Office 365 email from being hacked. ABT also provides a host of safeguards including multi-factor authentication, phishing protection on email, as well as encryption and security programs for lost or stolen devices.

ABT is the Mortgage Industry Tech Expert

With hardware, software, cloud-based infrastructure, and cyber security covered, ABT has set a new bar for fintech in financial institutions.

The push to remain at the cutting-edge of mortgage technology comes from an understanding of the industry. ABT knows that a quality tech setup gives lenders the ability to provide the best quality of service to customers.

ABT’s drive to develop quality solutions earned the company classification as a Microsoft Gold Level Partner. As a trusted developer for Microsoft solutions and the experience of deploying Office 365 in the mortgage industry, ABT is digitally enabling a newly mobile generation of mortgage workers.

Through integration and device support, ABT allows mortgage lenders to work even more flexibly and productively.

At the forefront of fintech, ABT hopes to continue the trend in the United States of increasing mortgage volumes by continuing to accelerate the industry along a full path of digital transformation.

To find out more about how ABT empowers financial professionals by using technology to transform the way they work, check out the Access Business Technologies blog.

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Topics: mortgage software integration multi-factor authentication cybersecurity mortgage documents security cloud storage productivity mortgage business data warehousing mobile technology Consumer Finance Protection Bureau Compliance Audit cloud-based data Housing Market Mortgage Lending

Why Cyber Security Comes First in the Mortgage Software Market

Why Cyber Security Comes First in the Mortgage Software Market

Equally important: physical security and cyber security.

The finance industry’s data-handling platforms have a clear bulls-eye on them.

The U.S. mortgage industry supply chain is considered a “massive target for information security breaches.” In fact, from 2015 to 2016 the number of data breaches in the United States went up by 40%.

Still, most mortgage lenders sidestep cyber security by shopping for software the old-fashioned way.

Functionality across platforms is comparable, but security is where the largest variation exists amongst current technology offerings. The regulatory and litigation atmosphere surrounding data breaches in 2018 is such that the best mortgage software addresses cyber security first and foremost.

Here is how the best mortgage software on the market is focused on security frameworks first.

The Weakest Link

Poor cyber security has a financial and regulatory impact. This, combined with the negative press of recent international breaches, is what the modern financial institution wants to avoid.

Though large institutions have tight security, an increase in automation and “digital mortgage” online customer interactions means that high-tech services are being farmed out to third-party vendors. Tools like business intelligence (BI) and machine learning (ML) also means data transfer within the industry is nearly constant.

Homebuyer information is especially ripe for hackers because it includes secondary digital assets like credit data.

Though big banks are heavily invested in keeping this data safe, the sharing of borrower data to smaller vendors has caused a disruption in the security systems. The immature security of these third-party service providers has created a weak link in a previously well-fortified industry.

Who is Responsible?

Though it seems like the third-party vendor is the one who should catch up to security norms, the tech newcomers are not being held responsible.

New legislation in the US holds financial institutions responsible for the security level of their third-party vendors—no matter where the data or breach originated from. When a smaller vendor experiences a security event, it is the large mortgage company that is on the hook.

Even if the company avoids catching the eye of regulators, cases of mishandled customer data have executed litigation of $201+ per recorded liability.

Cyber Security Solutions

The solution is to rein in weak spots by employing cyber security technology that goes beyond the traditional server model. It should cover gateways, third-party access, and employ strategies that keep an eye on common but unsafe tech-related practices.

A tech developer called ABT offers a cloud-based platform called MortgageWorkSpace that ticks the right boxes.

ABT works exclusively with the mortgage industry to develop software solutions for lenders and third-party financial institutions in the home buying industry. With the functionality of the lending platforms in place, ABT leads mortgage tech by focusing squarely on cutting-edge cyber security.

Above all, MortgageWorkSpace provides a secure gateway to access lending data. It employs multi-factor authentication and monitors system email use to fend off phishing as well.

Despite increased accountability, mortgage lenders can keep the company name and customers safe by shopping for a platform that puts security first.

Advanced Cyber Security Features

With market demand high, on-board security features distinguish better platforms from those that add build-out security capabilities as an afterthought.

ABT has a built-in consumer protection feature called Remote Desktop which gives mortgage lending employees a cloud-based real-time file management system. Offering functionality to the user, this feature actually prevents the storage of data on local PCs. This Dropbox-like feature means that the employee’s desktop is not only updateable from anywhere, but that files containing sensitive information don’t get downloaded out of the system where security is weakest.

Lenders shopping for top mortgage software should keep an eye out for features like the Remote Desktop that combine user experience with security in a way that is seamless.

Developers who have security at the forefront of their business model will also provide crucial non-tech extras for lenders.

ABT gives clients a written information security policy that outlines the software’s parameters and security compliance rules. This type of documentation may have been overkill in the past, but is increasingly required by state and federal law for legal operations in the U.S.

Though most software shoppers understandably look at usability first, the consumer financial sector increasingly puts cyber security front and center.

Mortgage broker software is no exception. Platforms should have a full range of built-in cyber security solutions, usability features that incorporate digital protection without being clunky, and advanced features that provide extended protection as regulations become more stringent.

As a target for hackers and a trend of increasing legal accountability, cyber security is now the main consideration in the mortgage software market.

Check out the full range of ABT’s security-driven mortgage business products on our website or contact us to learn more.

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Topics: Hosted Software options Mortgage Servicing in the Cloud mobile security mobile device security email security data security mortgage company security financial data security social networking safety phishing multi-factor authentication Business Intelligence cybersecurity mortgage documents security data warehousing

4 Ways Loan Management Software Improves the Mortgage Experience

4 Ways Loan Management Software Improves the MortFinancial management software makes everyday interactions smoother for mortgage lenders.

Mortgage software has relied on legacy infrastructures and paper processes for far too long.

In almost every other sector, interactions between banking institutions and customers have moved online.

Web-based transactions for commerce are increasing annually. In 2017, global e-retail sales amounted to 2.3 trillion U.S. dollars and projections show a growth of up to 4.48 trillion U.S. dollars by 2021.  As retail transactions migrate away from brick-and-mortar, the rest of the banking world plays catch up.

In the mortgage world, loan management software offers lenders high-tech solutions to keep them on the cutting edge of the finance world.

Here are the 4 ways that loan management software improves the mortgage experience.

  1. Centralized Access to Document Management

Cloud-based domain services store data on the cloud instead of on a localized server. This gives mortgage companies access to business-critical data from virtually anywhere. Office PCs, employee-owned laptops, and even mobile devices can capitalize on business opportunities anywhere that lenders are interacting with clients.

Loan management software like MortgageWorkSpace (MWS) offers a “portal” or single point of entry to all employees with internet access.

Users can synchronize their user settings and application settings data to the cloud, providing a unified experience across their devices and reducing the time needed for configuring a new device.

Lenders prefer the speed and breadth of information that online-based software provides. When lenders have quick access, customers get quick responses and customer service is perceived as fast and convenient.

Not only does this portal make remote work possible, but it keeps things secure as the mortgage industry embraces the remote working environment.

  1. Improved Security for Client Data

This single point of access protects company assets through multi-factor authentication, ensuring that data remains secure.

Further cyber security measures are managed using Windows Defender, an anti-malware component that keeps intrusions at bay for all devices joined to the MortgageWorkSpace network.

With MWS, there is a cloud-based firewall protecting the devices joined to your lending company’s network as well.

When security events do happen, this software gives the company the ability to remove company data from a mobile device or PC via remote access. This means that even if an employee’s device is stolen, the mortgage software keeps sensitive personal and financial information safe from hackers. 

  1. Effortless Compliance

Running parallel with cyber security, this software handles compliance regarding data security without needing to purchase, integrate, or maintain separate compliance software. MSW has what the industry calls “built-in” compliance features.

Other compliance issues faced by the mortgage industry are included in MSW. Documentation, record keeping, document expiration, and record retention are all features of this platform. This means that lenders using this software are always prepared for an audit without the last-minute scramble.

 In comparison to wider umbrella software, this platform is specifically built and maintained by developers who know the mortgage world.

Developed by California-based ABT, the company is an industry leader and watches the horizon for mortgage legislation that will affect their product’s performance. Lenders using MSW can be sure their software is not only up-to-date with compliance but that it will on boarding the most important finance trends as they happen.

  1. Integration Builds Capacity

Though compliance features are built-in, the platform remains flexible so that your lending company can utilize applications that give a competitive edge.

The Mortgage BI (business intelligence) dashboard powered by Microsoft gives unrivaled visibility to company data. This leads to data-based business decisions that improve the bottom line.

Analysis isn’t limited by this platform’s own BI capabilities though. MSW is vendor neutral so it integrates with loan origination systems, CRMs, Saas apps, on-premises networks, and plenty of proprietary software that makes business run more smoothly.

The days of paper-heavy processes for buying houses are numbered.

Developers are producing these sophisticated platforms that make the mortgage process better.

New financial management software is cloud-based, safe, and expandable. Customers can now enjoy a seamless experience thanks to platforms that give mortgage lenders speed and flexibility in their work.

Good software means agile lenders, which in turn means happy customers.

Does your mortgage company have outstanding software that improves this end-to-end experience?

MortgageWorkSpace is the award-winning business solution that mortgage lenders need. Learn more by visiting ABT.

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Topics: mobile device security email security data security phishing multi-factor authentication Business Intelligence cybersecurity Mortgage BI mortgage documents cloud storage productivity mortgage business mortgage industry cloud-based data Housing Market Mortgage Lending disaster recovery MBA

Solid Steps to Safeguard Against Meltdown and Spectre

ghjfj.jpgTwo defects threaten computers and devices released on the market since 1995.

Meltdown and Spectre are the names given to two newly-discovered bugs terrorizing computers around the world.

At the sound of such unnerving names, it’s hard for security folks at enterprise-level companies to control the panic.

While protocols for dealing with these threats are still on the drafting board, there are solid steps that companies can take to protect themselves.

What are Meltdown and Spectre?

In early January of 2018, the tech world was rocked by the discovery of two colossal security flaws that affect almost every computer and smart device on the market since 1995.

First announced on January 3rd, the bugs’ initial discoveries are being attributed to Jann Horn at Project Zero, a Google-based program for security analysis.

These two separate flaws were simultaneously being probed and announced by a handful of security experts from around the globe. As bits and pieces came out about the exposures, the gravity of the situation became clearer.

Both Meltdown and Spectre exploit weakness in the CPU of most current machines and all their predecessors dating back to 1995.

Since both faults affect major brand-name processors, it means that desktops, laptops, mobile devices, and servers all contain the defects.

The spooky truth is that they affect a majority of computers in use today.

How They Work

Often linked due to the widespread nature of both flaws and the fact that they were discovered around the same time, they do not work in the same way.

The first defect, Meltdown, is named for what it does to affected devices. It sort of ‘melts’ the wall between applications and the machine’s OS and makes it a devastating entryway for hackers.

The second issue, Spectre, is a named for the process from which hackers are able to steal information—namely ‘speculative execution’.

Speculative execution is the technique whereby your device records your computer activity in an attempt to predict future actions. This process helps your device execute tasks quickly, but the records contain sensitive usage information that shouldn’t fall into the wrong hands.

The name also refers to an apparition, which is fitting since companies don’t want intruders ghosting around their private information.

Meltdown affects Intel processors while Spectre affects three kinds of CPU chip: Intel, AMD, and ARM.

Using these newly discovered gateways, popular tech forum Bleeping Computer says, “Malicious program can steal passwords, account information, encryption keys, or theoretically anything stored in the memory of a process.”

Vendors React

In response to the potential devastation, the tech community has seen a wave of security advisories and patches to deal with the bugs.

At the pace that vendors are trying to get information out, some have produced conflicting stories: While AMD maintains that its CPUs have a near zero risk of vulnerability, Microsoft quickly pushed out a patch for AMD devices that has caused computers to stop working.

In the haste to calm the masses, it seems some solutions come with problems of their own.

Beyond the CPU

Browsers are also vulnerable due to these glitches.

Safari came out with a patch in December of 2017 while Microsoft just released patches for IE and Edge. Microsoft announced that Windows 10 is safer to use than older versions, but did not provide further details.

After other vendors bumbled, Google reneged on a patch that was promised for January 23rd. Google’s Chrome browser and OS patch came out Friday the 2nd of February, over a week late.

Adding yet another layer to this confusing frenzy, Anti-Virus programs may be incompatible with some systems (notably Microsoft) so don’t go AV-crazy just yet.

In order to be proactive, here are three solid steps you can take to make sure your company is protected.

  1. Assess Your Risk

Guidelines for action from patches to future fixes are available at each vendor’s site. Your company can build a customized response based on vendor-specific information.

  1. Follow Instructions

Take the recommended steps to mitigate any security risks that would leave your company vulnerable.

A smorgasbord of vendors, from Amazon to Cisco, has released advisories to protect their clients and business partners from dangerous activity.

It’s up to your company’s security team to follow instructions based on the software and hardware that your system uses.

  1. Hold Out for More Information

Unfortunately, these bugs were publicly announced recently. The scramble to provide permanent answers is on.

The best thing to do after the initial patch scare is to await further details and instruction from the tech security community.

Businesses protected by ABT’s monitoring service Network Guardian receive monthly reports detailing security threats. Contact us to learn more.

Image: VisualHunt.com

Topics: mortgage documents mortgage business mortgage industry cloud-based data Mortgage Lending disaster recovery malware network intel spectre meltdown network safety

A Secure Alternative for Transferring Sensitive Mortgage Documents

Securing_documents_from_borrowers_.jpgDocuments aren't really safe unless their transfer is secure from end to end. A mortgage company may store and manage its information with the highest standards, but there is still significant risk if the borrower or seller submits their documents through unsecure channels.

What are some of the best steps you can take to ensure you are meeting security compliance standards and protecting your valuable data when transferring sensitive mortgage documents?

Avoid Email

Email is a simple, popular way to send information. It is also a very unsafe way to transfer confidential information. There's no standard method of encryption for email; Simple Mail Transfer Protocol sends messages by a series of hops from source to destination, with no way to control what servers a message might go through along the way. A "honeypot" server might pass all emails along normally but also grab copies for nefarious purposes.

This scenario is even worse if a sender is using unencrypted Wi-Fi, such as a public hotspot. A criminal can just lurk nearby with a receiver to grab copies of any mail.

Offer a Secure Alternative

What can a mortgage company do about customers sending unsecured documents, and what does it need to do? You can't outright stop people from using email, but you can severely discourage its use for sending confidential data. The best way to discourage this is to provide secure document management alternatives.

Regulations require lenders to handle documents securely. Though it’s not clear whether a mortgage company can get into trouble for accepting emailed documents, regulators will certainly view you in a better light if you present your customers with a secure, convenient alternative.

If confidential customer information is intercepted in transit, this leak can damage the lender's reputation, even if it was the customer's fault. Lending institutions need to take strong measures to avoid unsecure transfers.

Documents also need to be sent to customers securely. The mortgage company has control over this and should strictly follow good practices, both for the customers' safety and to be on safe legal ground. Lenders should never send sensitive documents by email.

Drag-and-Drop or File Transfer Account?

A simple, secure way to let customers provide documents is the drag-and-drop approach. This method lets users upload documents with a secure transfer, and it can be set up with or without password protection.

If there's no password, anyone who discovers the link can upload a document, but this is a relatively minor risk. The destination server allows only uploading, not viewing, of files, so the most that anyone who gets a copy of the link can do is upload fake files. As long as employees exercise normal caution about any information that looks wrong, the chances of harm are small.

Services like Dropbox take a drag-and-drop approach but create an unprotected link which anyone can download. Dropbox allows password-protected documents, but only with paid accounts; the free version isn't well-suited for sensitive documents.

Another approach is to create a file transfer account for each customer. Once they've registered, the software will let them upload and download files. This allows for two-way file transfer between the customer and lender, and customers can review what they've already uploaded.

In a system where customers can download as well as upload files, it is necessary to authenticate the identity of the person creating the account. Confidential personal information, such as the customer's Social Security number, can help with this. For additional security, the lending institution can send the customer a code to enter when registering.

This method offers more options than the drag-and-drop approach, but it is also more complicated to set up. If customers forget their passwords, they will need a procedure to reset them, which often involves emailing a one-time link—a method which has its own security problems.

What's important in either case is to use a secure URL (starting with “https:”) with a properly configured server. A website that doesn't use a secure connection allows eavesdroppers to intercept not only documents but passwords. An unsecure web connection is even riskier than email.

The DocumentGuardian Solution

ABT's DocumentGuardian™ uses the simple, reliable, drag-and-drop approach but beefs it up with more security. The customer receives an upload link; no registration or password is required. Uploading is a simple matter of dragging the file to a window. Files are uploaded via a secure connection and sent directly to ABT's secure data center, where they're available to the lending institution. When a customer uploads a revised version of a document, the old version remains available and can be viewed, compared, or, if necessary, restored.

Equal parts simplicity and security, DocumentGuardian™ is the perfect solution to enable you and your customers to transfer sensitive documents with as little risk as possible.

To learn more about how DocumentGuardian™ and our other mortgage company technology solutions can safeguard customer confidentiality and security, please contact us.

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Topics: DocumentGuardian mortgage documents security