Trusting your mortgage loan protection to anyone else is like sleeping with your door open.
Secure Insight is not the only company focused on risk mitigation, but we do stand alone as the industry’s most robust, cost-efficient, and airtight defense against wire fraud and closing fraud.
Committed to making the process hassle-free for our lender clients, Secure Insight is the next generation of data evaluation and monitoring, giving you the protection and the critical information that you are legally entitled to – and deserve.
As you must put your trust, reputation and financial well-being in the hands of a third party agent, we offer these suggestions for inquiries you should make to any service provider.
Secure Insight was the FIRST company to recognize and address closing table fraud risk in the mortgage industry. Founded by mortgage industry veterans with an average 25 years of experience in origination, processing, underwriting, compliance, risk management and investigating fraud claims, the company was formally launched in 2009, and then spent another three years in R&D including meeting with warehouse lenders, title underwriters and regulators in Washington DC before commencing business in Spring of 2012. The initial advisory board which launched the company included a former MBA chairman, a former ALTA chairman, the former Director of FHFA, the former HUD Inspector General and other notable industry experts.
Secure Insight conducts an initial hands-on deep dive investigation, assigns trained risk analysts to review and interpret the data, interacts with the agents directly to verify derogatory or ambiguous information, arrives at a risk rating for the agent and then monitors agent personal and professional data to monitor for any changes in risk, updating its profile reports as new information becomes available.
Secure Insight utilizes our secure platform and requires closing agents to register directly with us so that all customer service, all questions, all data requests are completely managed by us, and not interfering with the lender operations. Other services put you to work interpreting results, and often due to a lack direct interaction and trained risk analysts, inaccuracies in collecting, interpreting and reporting this information occur.
Due to the sensitive nature of the information we collect, store, interpret and report all of our employees are US based, all are subject to the same screening and risk assessments as the agents we are entrusted to evaluate, and all are required to operate under the strictest data privacy, data security and operational risk management standards necessary for the proper and ethical conduct of business in this area.
Secure Insight provides the most comprehensive and up-to-date verification information. Other competitors rely on public data scrapes, data from lenders only (which limits the scope of the evaluation) and often fail to verify data at the source because they do not have the authorization to do so. Secure Insight obtains digital authorizations to verify insurance, bonds and all trust accounts at the agency and bank directly, making the data highly reliable and verified.
Because the Secure Insight data base is maintained in real-time, our lending clients run their own report within seconds. Our client surveys show that, on average, records for over 90% of closing agents they deal with are in the database. For those not in the database our robust process (which combines AI and human intelligence) is normally completed within 5-7 business days and therefore will not delay a closing. Rush procedures are available as well.
Secure Insight offers direct integration through customizable APIs into any LOS (including Encompass) and we can even customize that integration to meet your specific needs to support your unique operation workflow.
Others may sell wire fraud protection only for around $4-$5 a report and a more extensive report for $15-$20. Wire verification alone is not enough protection, does not meet regulatory requirements for acceptable due diligence and only covers the least likely type of fraud harm most lenders will ever face. A full Secure Insight report costs $5-$7 per closed loan (or less depending on volume level). We also offer a flat $500-$1,000 monthly access fee and allow you to choose to require closing agents not in our database to pay a fee (Appx $249.00) to register only once and then become part of our ongoing monitoring program.
Secure Insight has processed over 9 million transactions in all 50 states with $0 loan loss.
Secure Insight is the only company to have developed its risk deterrent and reporting platform as a collaborative effort (between 2008 and 2012) with risk analysts at Lloyd’s Of London, the largest insurer of mortgage industry fraud in the world. The process we built passed Lloyd’s strict underwriting and risk management evaluation as a program that has the highest expectations to deter and to prevent mortgage fraud losses surrounding the closing process.
While some claim they offer “special insurance coverage,” such a policy simply does not exist and they are not being transparent with you. It is simply their E&O and a claimant must first exhaust all remedies against the CPL and an agent’s E&O or bond (which our competitor’s do not verify at the source) before making a claim. A TRUE transaction policy would require you as a lender to sign an insurance agreement, register and report each covered transaction, and be assigned a dedicated claims representative or office so that in the event of a loss you could file a claim directly. Furthermore, a true transaction policy would require a premium disclosure and disclosure to your borrower clients, so they were aware of their rights in the event of a loss. Secure Insight maintains A Rated E & O, Crimes and Cyber Liability Coverage as all prudent businesses must. In almost 10 years and 9 Million closings, we have had no insurance losses. We are also SSAE16 audited every two years and were the first company in this market to do so, back in 2014.