How Lenders and Loan Originators Can Avoid Hacks in Mortgage Document Management
Borrowers need to submit quite a bit of personal information on a typical loan application. No matter how scrupulous the mortgage lender and the loan originator might be, sensitive data may be needlessly exposed through exchange over the internet. At Floify, we understand how to keep personal data out of the hands of would-be hackers. Attentive mortgage document management requires attention to internet security.
Old School Handling Is Safe, but Rare
There are people who feel the safest way to exchange important documents is to hand them over in person. While there still may be some truth to that, the reality is that we do an increasing amount of our financial tasks online or over distances. Standard mail can be secure, but slow. Email is fast, but it has its drawbacks.
Do Not Opt for Convenience Over Security
A hacker may find a point of entry at any weak link, and email can have quite a few links. The damages from identity theft can extend for months or longer, and it is trouble that can be readily avoided. Better document management can be achieved with available web-based file transfer technology. Email may seem quick, but it only takes a minute to log into a secure mortgage document management account. A secure portal makes certain that only those people concerned with the mortgage application and approval process have access to the forms and files.
Encryption is Key
It is not recommended that prospective borrowers send personal information in unencrypted email as attachments. In recent times there have been instances of hackers gaining access to mortgage broker documents containing all kinds of private information, including:
- Birth dates
- Social Security numbers
- Tax information
This kind of knowledge may enable someone to open a credit line in a borrower’s name or help themselves to their assets. We believe efficient mortgage document management incorporates measures to deter criminal access to private data. For more information, contact Floify.