In the lending industry, security remains a top priority. In particular, the sensitive nature of client and financial data requires multiple lines of defense. To address this challenge, many mortgage companies have looked to migrate their systems to the cloud, realizing they can attain more security controls with a cloud-based platform than through their existing on-premises infrastructure.
In addition to alleviating many of the pain points associated with maintaining an on-premises environment, migrating to the cloud can help mortgage companies achieve a number of benefits.
Data breaches have become an increasingly widespread concern for mortgage businesses. Partnering with a cloud provider that has the appropriate standards and security measures in place can help alleviate some of the concerns.
The Consumer Financial Protection Bureau (CFPB) has recently stepped up its requirements of mortgage professionals with TILA-RESPA Integrated Disclosure compliance requirements. This is positive for homebuyers but can be a burden for lending companies – especially with remote mortgage closings, which have many moving parts and parties involved in the process. Compliance with these requirements is critical for a mortgage company to run their business operations effectively.
dinCloud has the security framework in place to meet security compliance requirements. dinCloud meets compliance standards, hosting out of top tier secure data centers (SSAE 16 SOC 2 Type I and II) with multiple layers of physical and virtual security in place to protect clients.
The cloud introduces an opportunity to become a more mobile workforce.
On days when employees need to deal with important customer issues after hours, or on days when they won’t be able to come into the office, mobility is a key to productivity. And since time is of the essence in a mortgage business, waiting a couple of hours or until the next day can mean a missed opportunity. Employees can securely log in on any device, whether it be a phone, tablet, or desktop all in the comfort of their home, or any location they choose.
By running your infrastructure in the cloud, your mortgage company can store important documents on a cloud server. Employees in geographically dispersed locations can access data from anywhere. The added convenience of storing files in the cloud can help ensure business is always running. Communicating with business partners, customers, and with other employees is simplified with cloud infrastructure and the ability to securely transfer documents is critical for mortgage companies.