We are pleased to mark our seventh year exclusively serving the mortgage industry, 15 years since I first conceived the idea of a mortgage industry closing agent database. We are so very thankful for our clients, colleagues and peers who share our vision of better risk management, consumer protection and loss prevention which has helped to make our database into a respected and reliable industry utility. Regardless of how much we grow, we pledge to continue to treat our clients and the professionals we monitor as we would wish ourselves to be treated: with respect and integrity.
For 2019 we have been excited to continue to refine and expand our service offerings that provide deeper understanding of the risk of doing business with third parties, including faster reporting, more data analysis, a revamped search profile result and a tiered data base that will broaden risk evaluation coverage nationwide and also allow real time data refreshing. We also offer LOS direct integration through our own proprietary API.
Despite claims to the contrary we enter 2019 with a CFPB still in place, still conducting audits and investigations, and still levying fines. Consumer protection is here to stay, even if some of the agency’s rules may become watered down. Thus banks, mortgage lenders and credit unions nationwide continue to spend enormous amounts of time and money developing policies and procedures to comply with state and federal regulatory requirements, including many new rules governing cyber security and data privacy to combat identity theft and wire fraud. The task can be daunting…and expensive. At Secure Insight we have taken more than a decade of research and development to create an effective solution to addressing concerns over third party service provider risk management.
Settlement professionals pose the greatest risk to lenders nationwide because they are the only parties to the mortgage process that have access to bank documents, mortgage proceeds, consumer funds and consumer personal and financial information. When a settlement agent goes bad, the potential harm can be enormous and financially burdensome.
Best wishes for a very successful year!