How Secure Is Your Loan Management Strategy?
If you were really paying attention during this recent election cycle, one thing was made abundantly clear: email is NOT a safe way to communicate delicate information. Whether it was Hillary Clinton’s private email server vulnerability or the DNC hack, it was made obvious to all that no matter who you are, if a motivated person wants to access your email communications – they can and will.
When it comes to your borrowers’ personal documents, you owe it to them to ensure that their privacy is intact and their information is secure. An effective loan document management strategy that utilizes encryption technologies widely available today can accomplish these goals and provide other production benefits for you and your team as well.
What makes email so vulnerable
The big issue with email is the number of hands that a message passes through before reaching its destination, and the unpredictability of the security protocols that are in place at each. For example, in the life of an everyday email it must travel from your outbox through your network to your email server, then to your recipients email server and finally through their network before it lands in their inbox.
In this scenario there are three possible security vulnerabilities:
- Your network
- The transit of data between email servers
- The recipient’s network
If either you or your recipient are using a public Wi-Fi network, like you may find at a cafe, than there is essentially no security in the exchange. Email was never designed to be secure, but also isn’t going away or changing anytime soon. In situations where privacy is required or desired, a different solution will be necessary.
The solution – loan management software
Security and privacy is the first major benefit of utilizing a modern loan management software solution. Encrypted web applications and data centers eliminate the vulnerabilities that arise during transit of data, and when the data is at rest.
There are further benefits to both you and your borrower when you incorporate a loan management software like Floify into your mortgage origination process. The path of your borrower’s documents is traceable – they know that what they uploaded made it into the system, they don’t need to call and email you to make sure. The documents become more mobile – easily transfer data to your LOS or cloud storage platform without ever downloading to your computer. Your loan files become instantly more organized, as documents are uploaded specifically to the intended file, instead of lost and confused in your inbox.
In an era of unprecedented access to information by unknown parties, taking the necessary steps to ensure the security and privacy of your borrowers personal information is paramount. Utilizing a loan management software tool like Floify provides the secure platform that you need, and a slew of other productivity benefits that your team and borrowers will both appreciate.