5 Things Lenders Should Look For When Selecting An Evault Provider
by Abdul Aziz Mondal Finance 20 April 2023
The mortgage business has undergone a significant transformation in recent times due to the increasing adoption of digital technologies. The traditional mortgage application process was a lengthy and paper-based procedure that required several in-person meetings with loan officers. However, with the emergence of digital platforms, the mortgage industry is becoming more efficient and customer-centric.
Technology has also enabled mortgage lenders to collect and analyze vast amounts of data on borrowers, enabling them to make more informed lending decisions. Safe eVault and eNotes allow paperless documentation catering to the specific needs of individual borrowers.
Importance Of eVaults For Mortgage Business
An eVault is a secure digital repository used to store and manage mortgage loan documents. It provides mortgage lenders with an efficient and secure way to manage loan documentation throughout the loan lifecycle. Here are a few reasons why eVault is a solution for mortgage lenders:
eVault streamlines the document management process by eliminating the need for paper-based documentation. It enables lenders to manage and track documents in real time, reducing the time and effort required to manage loan documentation.
It provides a secure and centralized location for storing loan documents, reducing the risk of lost or stolen documents. It also ensures that all documents are encrypted and accessible only to authorized personnel, protecting sensitive borrower information.
Digital storage ensures that all loan documents are compliant with regulatory requirements. It enables lenders to store, manage, and access documents required for regulatory compliance, reducing the risk of penalties or fines.
eVault eliminates the need for physical document storage, reducing storage costs and minimizing the risk of document loss or damage.
Technical Framework Behind eVaults Security Feature
eVaults are made secure through a combination of technology and processes designed to ensure the integrity and confidentiality of the data stored within them. Here are some of the main technologies and processes that are used to ensure the security of eVaults:
All data stored within an eVault is encrypted using industry-standard encryption algorithms. This ensures that even if an unauthorized user gains access to the data, they will be unable to read or use it.
Access to eVaults is tightly controlled and restricted only to authorized personnel. This is typically achieved through the use of multi-factor authentication and role-based access controls.
The technology is regularly audited to ensure that they comply with security standards and that access logs are accurate and complete. This enables lenders to detect and respond to any unauthorized access attempts or other security breaches quickly.
These vaults are designed for being highly redundant, with several copies of the data that is stored across different locations. This ensures that in the case of a hardware failure or some other issue, data can be quickly restored without loss of service.
eVaults are typically hosted in secure data centers with physical access controls, such as biometric authentication, CCTV surveillance, and security guards. This ensures that physical access to the servers hosting the eVault is tightly controlled.
eVaults are designed with disaster recovery in mind, with backup and recovery procedures in place to ensure that data can be restored quickly and reliably in the event of a catastrophic failure.
eVaults: Economical For Small Lenders
The cost of implementing an eVault solution can vary depending on the specific needs of a lender, but it can be a cost-effective solution for small lenders, especially when considering the long-term benefits. Here are a few reasons why:
- Reduced operational costs
By digitizing loan documents, small lenders can eliminate the need for physical document storage and reduce the costs associated with document handling, transportation, and storage. This can result in significant cost savings over time.
- Improved efficiency
eVaults streamline the document management process, reducing the time and effort required to manage loan documentation. This enables small lenders to process loans more quickly, reducing operational costs and improving customer satisfaction.
- Enhanced security
eVaults provide a secure repository for loan documentation, reducing the risk of document loss, damage, or theft. This can help small lenders comply with regulatory requirements and protect sensitive borrower information, reducing the risk of penalties or fines.
eVault solutions can be scaled to meet the needs of small lenders as they grow and expand. This means that small lenders can start with a basic eVault solution and add features and functionality as they need them, reducing upfront costs and enabling them to grow at their own pace.
Factors To Consider When Selecting eVault Provider
When selecting an eVault provider, lenders should consider several important factors to ensure that they choose a provider that meets their specific needs. Here are some things that lenders should look for when selecting an eVault provider:
Security is one of the most critical factors when it comes to eVaults. Lenders should choose a provider that offers robust security features such as encryption, access controls, and audit trails to ensure that their documents are protected from unauthorized access and cyber threats.
Lenders should ensure that the eVault provider they choose is compliant with industry regulations. Compliance is crucial in the mortgage industry, and choosing a non-compliant provider could lead to legal and financial consequences.
3. User Interface
The UI of the eVault should be intuitive and user-friendly. Lenders should look for a provider that offers easy navigation, customizable views, and comprehensive search capabilities to make it easy to find and manage documents.
The eVault should integrate seamlessly with the lender’s existing systems and workflows. Lenders should look for a provider that offers flexible integration options and APIs to ensure that the eVault can be easily integrated with their current systems.
5. Customer Support
Lenders should choose an eVault provider that offers reliable customer support. The provider should offer timely and responsive support to help lenders resolve any issues quickly and efficiently.
By applying due diligence when considering factors that matter, lenders can choose an eVault provider that meets their specific needs and helps them streamline their operations, enhance security, and improve compliance.