Alex Santos is the CEO and co-founder of Fortress Information Security, which delivers a next-generation third-party cyber security risk monitoring platform, R.I.M.M. He previously served as president and co-founder of Digital Risk, a leading U.S. residential mortgage fraud detection company. During the recent mortgage crisis, under Santos’ leadership, Digital Risk helped its clients recover over $90 billion. Santos earned his BA, MA, and JD from the University of Florida.
The mortgage market suffers from a security dichotomy — haves vs. have-nots. The biggest players boast well-advanced security and large, dedicated security teams, while the smaller companies struggle. This means that the risk of a major attack is growing.
For anyone actively working in the mortgage industry, it’s no secret that reverse mortgages have taken a brutal hit in the last two years. The U.S. Department of Housing and Urban Development issued major program changes at the end of 2017 that effectively limited the amount of proceeds and the number of people who could qualify for the loan. The result had lenders across the space enduring sizable volume drops and subsequent gashes to their bottom lines.