Any organization seeking to adopt appropriate operational risk management policies and procedures must ensure that they have met the five step process to ensure success. This process focuses on proper governance. It is not enough to simply “check the box” and hope that wire fraud, mortgage fraud and closing fraud never reach the organization. The […]Read More Successful Risk Management Requires Proper Top-Down Governance
If you are merely collecting a “Certificate of Coverage” on behalf of a closing attorney and passing them through your loan process as meeting your internal risk management protocols you may be in for an unpleasant surprise if a claim arises. At Secure Insight we do more than collect insurance certificates, we review policies and […]Read More When a Closing Attorney’s E&O Policy is not Actually Insurance and Why a Lender Should Care
“Data privacy” and “data security” are terms most lenders are hearing over and over again these days. The reasons for this are numerous but include federal and state regulator focus on the issue, increased publicity over wire fraud and data storage breaches in business and industry, and heightened concern by consumers about how their sensitive […]Read More Protecting Borrower Data in An Age of Hacking and Phishing Schemes
One of the biggest concerns that mortgage lenders have had for years is that they send their mortgage funds and collateral security documents to complete strangers who gather together and manage a process where there is no seat for them at the table. Even though the closing of a mortgage loan involves significant sums of […]Read More If The Table Starts Rockin’, Who’s Gonna Come Knockin’?
Just today the industry learned that WEI Mortgage has discovered a data breach from an email phishing scam last Fall that appears to have exposed loan file information and borrower personal identifying data such as Social Security numbers to outside parties. Back in October 2016 I wrote that Wells Fargo Bank and the Federal Bureau […]Read More Data Breaches from Email Phishing Scams Still Rocking Mortgage Industry: WEI Mortgage latest victim.