Facing Adversity to Ensure Security

Experienced executives have seen the “business is war” analogy time and time again. We all want to be swimming in a blue ocean, where cooperation and good will makes us all stronger. Unfortunately, that’s not always the reality.

To get stronger, you have to be tested.

We’re currently seeing companies undergoing severe and often painful testing on at least two fronts.

Cyberattacks are threatening some of the largest companies in the mortgage technology industry. Meanwhile, sales commission lawsuits are threatening to change everything about how the lender’s primary business referral partners operate.

Cybersecurity as a competitive imperative

LoanDepot, Mr. Cooper and Fidelity National may have all made the news regarding their recent tests with cybersecurity, but they weren’t the first to become victims in this manner. And they won’t be the last.

We know this, which is why we routinely test our platforms with simulated attacks and employee phishing exercises and continuing learning. There are two reasons for this. The first is that our parent company, Accenture, has invested heavily in cybersecurity and requires all Mortgage Cadence employees to undergo frequent training and learning programs and near-constant testing. Fall for a fake phishing attack and pay the penalty, and every employee knows it.

The other reason has to do with our history in the industry. We started out as a technology firm catering specifically to depositories. While we’ve grown well beyond that footprint, our client base is still quite large in that sector.

We understand the regulatory oversight visited upon these institutions and so we’ve invested in the infrastructure to deliver the safest, most compliant platform on the market.

Technology as a competitive advantage

Ignored during the refinance booms of the past, the real estate community regained its status as the business referral partner of choice during the purchase money mortgage market of the past two years. Now, their business is under attack.

While no one is certain yet how that will all shake out (and it will likely take years to do so), we do know that real estate agents will be working harder to add measurable value and source new business. Those are two things that lenders can help them with, if they are armed with the right technology.

Whether it’s the new capabilities built into our Borrower Center or just the security of knowing that the home buyer’s dream home can get financing, we’re always working to empower lenders to be better partners to other stakeholders to the home financing transaction.

It’s also possible that we’re moving into a future where the real estate sales professional has been disintermediated, leaving it to the lender to fill the gap. Technology makes that possible. Smart lenders are making those investments now, instead of waiting until the competition catches up.

Change is never easy, but it’s harder when some outside force, like a cybercriminal or a class action attorney forces the issue. Technology offers options that can help companies emerge from these challenges stronger competitors in the new real estate market of the future.

Sometimes business is war and the only way to win is to be ready to fight the next battle. Our team will continue to monitor this changing market and remain vigilant so our partners can continue their own work with a sense of security.

By George Morales, National Sales Director at Mortgage Cadence 

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Media Contacts

Mortgage Cadence: 
Alison Flaig 
Head of Marketing 
(919) 906-9738