Mortgage lenders know the risk they take if they fail to comply with the new regulations and guidelines put in place since the financial crisis. But because the mortgage process is becoming so automated, most lenders are now beholden to their technology partners to develop processes and systems that ensure compliance.
And, increasingly, meeting compliance means creating a completely transparent audit trail for regulators. In essence, what mortgage lenders must do is create a digital record of every borrower interaction, from application through closing.
And, of course, all of these digital interactions must be completely secure from prying eyes. At the same time, many mortgage lenders are hesitant to put mission critical operations out into the cloud.
Virtual StrongBox offers a secure cloud-based consumer engagement platform that mortgage lenders can use to exchange sensitive data and personally identifiable information (PII) with borrowers. The platform protects files by keeping them in a constant state of encryption, whether in transit, at rest or during exchange.
The company reports that it has earned two more patents – its fifth and sixth in just over two years – related to how its platform gathers information from the digital consumer and protects that data once it is in the company’s control.
Lenders have deployed it to enhance document exchange, gather compliance information, deliver mortgage compliance documents with tracking, eliminate travel and reduce time in exams/compliance audits, and automate financial report delivery to stakeholders.
“When Virtual StrongBox’s platform is used in an operational role, clients report a 70-80 percent increase in operating efficiencies and getting business transaction information to or from consumers faster than ever before,” says Ron Daly, president and CEO of Virtual StrongBox, in a release. “These new patents recognize the unique way we gather information from the digital consumer and continuously protect their data; in other words, total information privacy and protection.”