Mortgage companies lack security
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Why do they ask for everything over standard email. SSNs. Whole bank account #'s. Checks with out anything blocked out etc? Is this a standard practice these day?
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The moment my mortgage company asks for that, is the moment I start looking for a new one.
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@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
I was suppose to close the 21st. But because I won't give them information over email. Looks like I want get it at all and will owe them $3,800 for their time.
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@Jason said:
@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
I was suppose to close the 21st. But because I won't give them information over email. Looks like I want get it at all and will owe them $3,800 for their time.
Give them the information. And when you get your ID stolen, you can sue them because they made you do things via plain text.
You need to call and talk to a Manager or the folks higher up the pay chain
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You should publicly take them to task for that on Facebook. Arguably, a non-redacted version of your post may be beneficial.
Edit: Oh, you deleted it.
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@Jason said:
Why do they ask for everything over standard email. SSNs. Whole bank account #'s. Checks with out anything blocked out etc? Is this a standard practice these day?
why does my credit union only accept large payment authorizations over fax with no security AT ALL?
Because they hate us. that's why.
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@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
When you find one that doesn't do that, let me know.
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@dafyre said:
You should publicly take them to task for that on Facebook. Arguably, a non-redacted version of your post may be beneficial.
Edit: Oh, you deleted it.
And Twitter.
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And the big one... ML
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@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
Mine required it over email, fax, or a certified mail. I have no idea why they didn't setup a secure file sharing system and when I complained they told me that all their other customers are doing it so to set it up for one customer wouldn't be cost effective.... They gave me an amazing rate so I guess it was worth the risk?
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@scottalanmiller said:
@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
When you find one that doesn't do that, let me know.
Yeah it is pretty common.
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Sadly, it seems that financial and medical, the 2 industries that should have the most security, seem to be the worst offenders when it comes to being behind the times. Drives me nuts, but that's just how it is for some reason. Maybe because they are so pivotal that they can screw the customer base over in any way possible and see little to no monetary repercussion from it, cause we all need it.
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I wonder if outside of the US either of these things is true.
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I previously worked for a credit union, and all of our financial documents were exchanged securely using what is now Citrix Sharefile. Whenever mortgage documents were needed we would have clients create temporary credentials and email them a link to securely upload their documents.
Before Sharefile, I believe they had an SFTP server in place and/or did everything over fax (sigh...).
Not all mortgage places do it wrong, just those that don't care about security and have yet to suffer because of their negligence.
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@RamblingBiped said:
I previously worked for a credit union, and all of our financial documents were exchanged securely using what is now Citrix Sharefile. Whenever mortgage documents were needed we would have clients create temporary credentials and email them a link to securely upload their documents.
Before Sharefile, I believe they had an SFTP server in place and/or did everything over fax (sigh...).
Not all mortgage places do it wrong, just those that don't care about security and have yet to suffer because of their negligence.
I've discovered that credit unions in our area are the most likely to do the right thing. When I was shopping for a mortgage our local credit unions both used Sharefile to move documents back and forth.
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I'm sure the level of caring about doing things right is inversely proportionate to the size of the institution doing things.
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@art_of_shred said:
I'm sure the level of caring about doing things right is inversely proportionate to the size of the institution doing things.
I would guess it has more to do with how much the government insulated institutions from accountability. In Europe banks are terrified of breaches because the government holds them accountable for exposing customer data. In the US they are shielded from this so have no accountability.
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@scottalanmiller said:
@art_of_shred said:
I'm sure the level of caring about doing things right is inversely proportionate to the size of the institution doing things.
I would guess it has more to do with how much the government insulated institutions from accountability. In Europe banks are terrified of breaches because the government holds them accountable for exposing customer data. In the US they are shielded from this so have no accountability.
Yeah, I guess that can happen when politicians are puppets of the corporations. The whole money & power revolving door.
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@coliver said:
@dafyre said:
The moment my mortgage company asks for that, is the moment I start looking for a new one.
Mine required it over email, fax, or a certified mail. I have no idea why they didn't setup a secure file sharing system and when I complained they told me that all their other customers are doing it so to set it up for one customer wouldn't be cost effective.... They gave me an amazing rate so I guess it was worth the risk?
I asked for a secure document upload portal as well. They said they've been doing this for years and "their network is very secure" and have never had an issue.
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According to Scott, this is safer than faxing that same information.
