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Technology Trends in Mortgage Banking

Scott Robbins - Saturday, June 26, 2010
In any business ensuring data security is a tremendously important issue, but even more important for mortgage companies. Just think for a moment what measures you must take to secure your physical documents and computer network. Your physical documents must be shredded, disposed of in locked bins and collected by professional disposal agents hired from private companies. Your digital documents must be stored in encrypted format, behind firewalls and under virus protection.

Having a security breach at your mortgage company in which you lost client data could be devastating to your business.  If you were to have clients’ identities stolen, or become the victim of internet theft, your reputation could be ruined and you could lose your business, not to mention the inevitable lawsuits that would ensue.  Many new state laws and regulations require you, as a business owner, to provide minimum protection standards to safeguard this critical information.  Simply put, most small to mid-sized mortgage organizations simply do not comply.  And really who has the time or resources to keep up with technology and regulatory issues?

In order to avoid this nightmare situation you must ensure that your data is protected by the most cutting edge security software, and administered to by experts. As a business owner you can either take the time to learn this yourself, which given the hectic and time consuming nature of the mortgage industry is highly unlikely; hire a full time technology professional which can be risky and costly, or outsource your technology needs to an experienced technology company like focusIT.

Of the three options, using managed services company is clearly the most logical and cost effective choice. By hiring a technology expert you ensure that your Calyx Software, Exchange Email Server and SharePoint document management infrastructure are properly installed and administered 24 hours a day, 7 days a week. Your software and all of your sensitive information is held on a hosted virtual server unique to your company, and stored in a secure SAS70 Type II data facility. This means that you, and only you, can access your files from anywhere without the need to physically take your database with you. These servers are protected with the latest security devices and overseen at all times to ensure that your and your clients’ information is protected.

Don’t take the risk of exposing your clients’ information and your reputation to lost or stolen data.  The technology trends in mortgage banking are moving towards these type of managed or outsource IT solutions.  Business owners see the value in moving their technology support to companies that focus on these services and spending more time on their business.  If you are interested in this type of outsourced IT technology solution call the experts at focusIT to learn more about securing your technology network. FocusIT is the largest Calyx PointCentral hosting company in the US.

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