How much of YOUR data is at risk of exposure in the mortgage application process?
The mortgage industry has undergone significant changes in the past 20 years. For many consumers, we recognize that it is not the same, but don’t really grasp the magnitude of the changes, many of which have been driven by governmental regulations.
In the article, “How Safe is Your Personal Data When You Apply for a Mortgage?”, the simple yet astounding truths of the use of YOUR data is clearly spelled out.
As the author points out, the amount of consumer data (ie YOUR data) that is used for underwriting is continuing to grow.
"We are asking for more information these days to make sure that borrowers can pay back their mortgages," Seibert said. "Before, lenders were too lenient. The documentation wasn't as important. There was little fear out there. But we saw where that led us. Today, lenders are far more meticulous when it comes to having their borrowers verify their information."
As consumers, we need to be aware of how our information is being used. Every time our data is is accessed, there is a risk of misuse, even abuse.
As employees, we need to make sure that our employer is using best practices to ensure that data is only being used for its legally intended purpose. One small slip and the door flies open for opportunists who are looking to profit from identity theft and other illegal activities using your personal information.