Securely Email Mortgage Loan Documents

PRLog (Press Release)– Mar 07, 2011– The mortgage industry is highly regulated because sensitive information constantly needs to be passed between several parties. The problem with this is that the way we share data is not always secure, especially when we consider email.

Under the Gramm-Leach-Bliley Act, mortgage companies and banks must provide a privacy notice to their clients outlining what consumer information is gathered, where it is shared, and how it is secured. This applies to mortgage companies and banks when establishing consumer relationships to originate mortgage loans.

Mortgage companies primarily use email to gather and share sensitive consumer information between loan officers, processors, and underwriters.

The penalties are huge for non-compliance or if secure consumer data is accessed by unaffiliated parties.  The penalties for mortgage companies and banks are up to $100,000 for each violation. In addition, the officers and directors of the mortgage companies and banks shall be subject to, and shall be personally liable for, a civil penalty of not more than $10,000 for each such violation. Criminal penalties may include up to 5 years in prison.

ATLOS solves this problem by providing a solution that allows mortgage professionals to securely email electronic mortgage loan documents. First, all emailed mortgage documents sent from ATLOS are protected with a 1024-bit encryption. Secondly, instead of emailing documents as an attachment, ATLOS includes a secure link to the document within email body. This allows ATLOS users to meet all of the government requirements regarding protection of consumer data included in the Gramm-Leach-Bliley Act. Using ATLOS for electronic document management and retention helps mortgage companies go paperless while keeping them compliant with federal regulations.

Visit http://www.atlos.com for more information

Get automobile news and garbage compactor