Welcome to the ATS Secured blog! Let me begin by telling you a little about who we are and what we do.
Who We Are: A Mortgage Technology Company
ATS Secured is a technology company that set out in 2011 to solve a big problem in the residential mortgage closing space: the lack of transparency, lack of security and overall lack of efficiency in the current way of doing things. Technology has made many aspects of life more efficient and secure, so it’s time for the same thing to happen in the home closing space.
ATS Secured is an ensemble of industry insiders and professionals who have experienced firsthand the problems and issues of the current system.
The Broken Mortgage Process
The mortgage process, as it is currently, is broken and gives us migraines. All the different silos—or individuals using separate systems—in the process are focused on just getting their part right with no understanding of the big picture. This is how unethical parties infiltrate the system. They take advantage of the lack of transparency and lack of accountability.
The Dodd-Frank Act addresses the “what” of these concerns, but not the “how.” Lenders, title companies, title agents, real-estate agents and even consumers are still left with a need for a solution. With their current technology, these new regulations are creating logistically impossible problems for banks regarding third party vendors.
While encouraging in the fact that the powers that be care about fraud and are trying to minimize it, they are causing banks to scramble for ways in which to prioritize their “critical” vendors.
We don’t like migraines. And so we decided to not just smile through the pain, but to create a cure. A problem is, after all, the father of entrepreneurship. For the past several years, we have been busy building and testing the solution that the industry didn’t ask for, but desperately needs. To quote Henry Ford, “If I had asked people what they wanted, they would have said faster horses.”
What We Do: Solve Mortgage Closing Problems
We have taken the time to discuss the problems with multiple industry experts across the country, learning and making the solution better for everyone involved. These experts have attested that this solution will provide a real answer, not just for banks, not just for title companies, but for all the silos in the mortgage closing space. It’s safe, secure and tested. Through this process we have gained an incredible amount of insight across all the silos that we will be sharing in this blog.
One Mortgage File
Our cure involves bringing transparency and accountability to the mortgage closing process through technology. We set out to create a place where everyone in the mortgage process will have access to all the appropriate documents and information, effectively eliminating frustrating problems such as double entry, inaccurate versions of documents and the possibility of scams.
Transparency in the Loan File
The buyer has access to the document and can point out any errors as basic and frustrating as “That’s not how you spell my name.” When they correct the information, everyone knows about it. Everyone is notified when the title agent pays the current lien on the property. Everyone is notified when monies are distributed to close the loan. When everyone has access to the information they should, errors literally become obsolete, because everyone’s collaborative efforts render it current and correct at all times. When several people are notified that an entity has directed funds toward the wrong account, fraud becomes much less likely.
Banks won’t have to worry about third party vendor scams and covering costs or being liable. Lenders have indemnification through ATS Secured, which is backed by Lloyd’s of London. Buyers and sellers enjoy confidence that their payments are going where they need to go.
We have not just invented a faster horse, though the process does go much more quickly. We took the Trojan Horse—the old mortgage process, full of people trying to sneak in and invade—and made it transparent. You can see through it.
Our migraines have all but disappeared.
My name is Emily, the social media writer here at ATS Secured. I plan on updating this blog daily with more news about our company and important industry events such as news, regulatory updates and compliance tips. We are more than a technology company in the mortgage closing space; we are also innovators, strategists and futurists. In addition, we will blog about anything we find fascinating, such as revolutionary technology changes and solving problems through creative thinking and innovation.
Want to make your mortgage process easier and more accurate? Contact ATS Secured today.