Mortgage Software Solutions Blog

Mortgage companies need a uniform email signature. Why can this be said with such confidence? Email signatures may be the most overlooked, under-appreciated, and cost-effective marketing tool at a mortgage company's disposal.

While many businesses rely on the email component connected with Enterprise Office 365, mortgage lenders profit by pairing Office 365 Email with ABT's Mortgage Email Solution. Why does Office 365 Email need ABT's offering?

Higher mortgage rates and stagnant housing inventory pools may be the reason for a drop in the number of mortgage loan applications. As the country continues to struggle up from the depths of the Great Recession, housing starts and real-estate transactions remain at the back of the pack in terms of recovery pace. Although things have improved (in April 2014, loan application submissions were 11 percent lower), mortgage companies must still keep their eyes on the razor slim margins they now maintain.

In the wake of data breaches of major financial institutions like JPMorgan, it is increasingly obvious that comprehensive measures must be taken to protect sensitive client information at financial institutions. A 2014 study by HALOCK Security Labs reveals startling statistics about major deficits in security measures among mortgage lenders nationwide. Of those surveyed, the company found that 70 percent permitted applicants to send personal and financial information over unencrypted email as email attachments, including such sensitive documents as tax documentation, and even W-2s. Terry Kurzynski, senior partner at HALOCK Security Labs says:

In the mortgage industry, one of the often overlooked areas of data security is your email platform. Email gives your business the ability to communicate in real time with customers, realtors, and other financial institutions. With so much versatility and access, it makes sense that many data breaches happen via email systems.

For mortgage bankers, data security is a major concern. Most of the information with which mortgage companies work is sensitive and personal. Recently, a major threat has been identified that could significantly impact mortgage companies around the world.

As technology evolves, mortgage companies must change their systems, security plans, and business processes in order to meet current and future security challenges. Cloud-based information systems enable companies to manage employees in diverse locations and situations, increase locations with limited infrastructure, and aid in security and data recovery.

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.

Cyber security is now a top issue for mortgage CEOs. The mortgage industry is particularly vulnerable to digital breaches because of the number of parties involved in the sharing of sensitive data. They are attractive targets for criminals because applications for mortgage loans request more personal and sensitive information than applications in any other industry. Criminals know that there is a wealth of information being shared between third parties, and the opportunity to steal financial and personal information.