Loan origination software

Paperless Mortgages Don’t Go Moldy

Storing information online can be a daunting concept. Cybersecurity is a legitimate concern for businesses with confidential records they need to protect from hackers. Distrust of third parties and off-site storage units, and fear of hard drive crashes are other common concerns.

These worries are understandable, but there are ways to mitigate the risks. Having the proper firewalls in place will help with security. More than one backup will ensure that even if a hard drive crashes or something gets deleted, records can be preserved.

Paper Mortgage Closings Are Just As Risky, Maybe More So

There’s the fact, too, that paper closings contribute to a host of problems such as inconsistency, inefficiency, confusion and, in some cases, criminals manipulating the data for personal gain. And simple negligence with physical documents can do as much damage as malicious intent.

The Moldy Mortgage Papers

For example, in January 2014, a pile of moldy loan documents were found in a field in Plymouth, MA. An attorney who represented mortgage lenders in real estate closings left them there months earlier, putting thousands of peoples’ names, addresses, social security numbers and other vulnerable information out in the open.

E-Closings With Identity Verification is Essential

The mortgage industry needs a smooth, digital closing environment where the individuals involved are vetted. ATS Secured is creating this environment with technology that makes the process easier for the players in a mortgage transaction, including process transparency that can help mitigate mistakes, inconsistencies and fraud.

A completely digital process will be decidedly more efficient, letting each party view the official mortgage closing in a secure, online database. Collaboration in the process will lead to more accuracy and less surreptitious activity.

And there’s an added bonus: paperless mortgages won’t go moldy.

Want to make your mortgage process easier and more accurate? Contact ATS Secured today.

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