Setting The Stage

TheMReport — News and strategies for the evolving mortgage marketplace.

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12 | Th e M Rep o RT M // What role will technology play in bringing the housing industry recovery to stable shores? Quddus // At Digital Risk, we apply all of our collective talents to ensure we are making mortgages safe. To us that means a successful long-term business relationship has taken place and borrower, originator, insurers, and secondary market constitu- ents can all interact in a mutu- ally productive and successful business transaction. We believe long-term success can only be obtained by allowing eligible bor- rowers to obtain a fair mortgage with as little delay and red tape as possible. We further believe underwriters and processors must be given the tools necessary to spot problems early so that need- less delays or future issues do not arise. Finally, effective servicing platforms must be in place to ensure that when an unexpected problem does arise, the servicer is made aware and an appropriate workout process can begin. M // What are the key security concerns of the industry, and what can be done preemptively to prevent attack? Quddus // Today, the mortgage fulfillment process continues to increase in complexity. There are not many business processes that bring together so many sensitive data elements into one place. Data safety can only be maintained with appropriate policies and controls, ongoing security train- ing, appropriate implementation of technology safeguards, and monitoring or auditing to ensure compliance. I think it is safe to say attacks cannot be definitively prevented, but when an attack does occur, the impact can cer- tainly be minimized. M // How have your previous experiences helped inform your current role as COO of Digital Risk? Quddus // Working in the high-tech industry early in my career exposed me to new tech- nologies and constant innovation across the enterprise driven by these technologies. I have found that many industries, including mortgage banking, are behind in using the latest technologies, such as process reengineering tools and associated methodolo- gies, which could drive further innovation across the mortgage lifecycle. Having been exposed to it early in my career, has Relatable Risk Technology is ubiquitous in the constantly evolving mortgage marketplace, but now because of increased insecurity in data safety, all eyes are planted squarely on companies that can keep customer data secure. Omar Quddus, Coo of Digital Risk, weighs in on what companies and consumers can do to protect themselves. take 5 "We believe long-term success can only be obtained by allowing eligible borrowers to obtain a fair mortgage with as little delay and red tape as possible." allowed me to embrace those lessons and apply them to my current role. M // Recently, major companies such as Target and Nieman Marcus were severely impacted by data breaches. What should homeowners do in the event their mortgage company suffers a security breach? Quddus // Unfortunately in today's data-driven economy, breaches are increasingly common. Thieves adapt, and the mortgage industry is no exception. If a homeowner becomes the victim of a data breach, my recommendation would be first, pay attention to information released from the impacted mortgage company. Such releases often outline the extent of the breach, what type of breach occurred, and what the company is doing to prevent further harm to the borrower. The outlined programs may call for free credit monitoring services, the issue of a new account number, or other recommendations like obtaining new credit or debit cards. Second, I recommend regularly visiting for up-to-the-minute data breach and consumer fraud information. M // In a data-centric, technology-driven environment, what do you do to promote camaraderie and collaboration within your company? Quddus // As part of Mphasis, Digital Risk is truly a global company. Yet it is important within Digital Risk to maintain "small company values" and communication styles. We strive to maintain these elements with next-generation collaborative technologies and employee communication portals, which enable video conferencing, screen sharing, and a collaborative workspace with features such as document sharing and electronic whiteboards. Business intelligence and dashboards are also important communication tools within our company.

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