Keeping Nonpublic Info Under Wraps

Stringent Mortgage Underwriting requirements - and the documentation that's needed to validate a borrower's creditworthiness - make it crucial for lenders to properly safeguard their customers' personal information. In a world where home loan transactions require borrowers and lenders...

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Bibliographic Details
Published inMortgage Technology Vol. 20; p. 33
Main Author Cornwell, Ted
Format Trade Publication Article
LanguageEnglish
Published New York SourceMedia 01.10.2013
Subjects
Access control
Audit trails
Collaboration
Communication
Consumers
Customer information files
Customer relationship management
Cybersecurity
Document management
Electronic commerce
Electronic documents
Electronic Signatures in Global & National Commerce Act 2000-US
Identity theft
Industrywide conditions
Mortgage companies
Personal information
Smartphones
Technological planning
Text messaging
United States > US
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Summary:Stringent Mortgage Underwriting requirements - and the documentation that's needed to validate a borrower's creditworthiness - make it crucial for lenders to properly safeguard their customers' personal information. In a world where home loan transactions require borrowers and lenders to send reams of information back and forth, often using novel communication channels such as online chats, text message and Voice over Internet Protocol phone lines, is it even possible for lenders to ensure that hackers aren't accessing consumer data? Lenders had better try, and technology vendors say tools are available to thoroughly review applicants without putting borrower's identities at risk. But what's the biggest security risk for lenders as they embrace e-commerce and digital communication with borrowers? Experts worry about the companies that think they are doing it right, but really aren't.
ISSN:1098-4038