Aaron King, a seasoned entrepreneur, is the founder and CEO of Snapdocs Inc., a modern technology platform that simplifies mortgage loan closings. Snapdocs is an alum of Y Combinator, the Silicon Valley accelerator known for helping to launch trailblazing technology startups.
In a world with increasingly sophisticated cyberattacks and stricter mortgage guidelines, modern technology is the answer for risk mitigation. Here’s how mortgage settlement service providers and their lenders can guarantee security and benefit from turn-key compliance.
According to Verizon’s 2019 Data Breach Investigations Report, 10% of the 2,013 breaches that occurred in 2018 were within the financial industry. Personal data was compromised in 43% of those breaches, which were largely attributed to privilege misuse, errors or unsecure web applications.
Rising interest rates often cause homebuyers to think twice about moving forward with a mortgage. In April, mortgage applications fell more than 7% after 30-year fixed mortgage rates reached a high for the month.