In the highly regulated mortgage industry, secure and efficient document exchange is critical. Mortgage lenders handle vast amounts of sensitive financial documents, from loan applications to credit reports, requiring a solution that ensures security, compliance, and seamless operations. One such lender struggled with finding a secure and cost-effective method to exchange files with applicants while maintaining compliance with industry regulations.
The Challenge: Unsecure and Inefficient Document Exchange
The lender faced several key challenges in document exchange:
- Security Risks: Sending loan documents as standard email attachments exposed them to potential cyber threats and compliance violations.
- Compliance Concerns: Industry regulations like GLBA, GDPR, and CFPB require stringent security controls over sensitive financial data.
- Operational Inefficiencies: Large files, such as scanned financial statements and credit reports, often exceeded email attachment limits, forcing employees to use unsecure third-party file-sharing services.
- Lack of Tracking and Control: Without visibility into who accessed documents and when, ensuring compliance and security was difficult.
The mortgage lender needed a secure, easy-to-use, and cost-effective solution to streamline file exchanges with applicants and external parties. That’s when they discovered bTrade’s AttachGuard.
The Solution: Secure and Seamless Document Exchange with AttachGuard
bTrade’s AttachGuard transformed the mortgage lender’s document exchange process by integrating directly into Microsoft Outlook, their primary communication tool. This provided a one-click secure file-sharing solution that eliminated the risks and inefficiencies of traditional email attachments.
Here’s how AttachGuard addressed their challenges:
1. Effortless Secure File Sharing
With AttachGuard installed in Outlook, employees could send emails as usual. When sharing sensitive documents, a single click enabled secure file transfer via bTrade’s TDXchange platform, ensuring documents never left the organization’s controlled environment.
2. Seamless TDXchange Integration
- AttachGuard automatically uploads documents to a secure TDXchange server, replacing attachments with a secure download link in the email.
- This integration ensured that all security policies, encryption standards, and access controls were applied to every document shared.
- Sensitive files no longer sat in unsecure external email servers, reducing data exposure risks.
3. No File Size or Attachment Limits
Unlike standard email, which restricts attachment sizes, AttachGuard allowed mortgage employees to send large files without limitations. Whether it was scanned tax documents, loan application packets, or appraisal reports, everything was securely transferred.
4. Advanced Security and Compliance
AttachGuard’s integration with TDXchange provided:
- End-to-end encryption, ensuring data security during transit and at rest.
- Authentication and access controls, restricting document access to authorized recipients only.
- Full audit trails, allowing compliance teams to track file transfers for regulatory reporting.
5. Controlled Access and Expiry Management
- Files were only accessible to authorized users, preventing unauthorized access.
- Time-to-Live (TTL) settings allowed the lender to automatically expire file access after a set period, ensuring documents weren’t stored indefinitely.
- Staff could set limits on the number of times each file can be downloaded, ensuring controlled access and enhanced security.
- Employees could also revoke access to files at any time, providing complete control.
6. Reliable and Uninterrupted Functionality
Since AttachGuard is built to be fully compatible with Microsoft Outlook updates, the lender experienced zero disruptions in their day-to-day operations. Employees didn’t have to learn a new platform, AttachGuard worked seamlessly within their existing workflow.
The Results: Improved Security, Compliance, and Efficiency
After implementing AttachGuard, the mortgage lender experienced significant improvements in document security, compliance, and efficiency:
- Enhanced Data Security: No more unsecured email attachments—every file was encrypted and protected under strict access controls.
- Regulatory Compliance: The solution helped them meet CFPB, GDPR, and GLBA security requirements, reducing compliance risks.
- Increased Efficiency: Loan officers and processors could send large documents instantly, without needing workarounds like third-party file-sharing tools.
- Full Visibility & Tracking: Audit logs provided insights into who accessed documents and when, making compliance audits easier.
- Cost Savings: By eliminating reliance on expensive third-party file-sharing solutions, the lender reduced operational costs while maintaining security.
Conclusion: A Secure Future for Mortgage Lending
With bTrade’s AttachGuard, this mortgage lender successfully transformed its document exchange process eliminating security risks, ensuring compliance, and streamlining workflows for loan officers, applicants, and external partners.
For mortgage lenders looking to secure, simplify, and scale their file transfer operations, AttachGuard offers the perfect balance of security, compliance, and ease of use.
Ready to secure your document exchange? Reach out to us at info@btrade.com to learn more about bTrade’s AttachGuard today!