Mortgage Cadence Integrates With ALTA Registry
December 17, 2019
Mortgage Cadence, an Accenture, has integrated data from the ALTA Title and Settlement Agent Registry into its Collaboration Center solution. This integration enables users to immediately verify the identity of title and settlement agents, as well as attorneys, using the platform, which automates processes and facilitates the exchange of documents and information in the mortgage closing process.
ALTA launched the Registry in 2017 as the first national database of real estate attorneys, title insurance agents and settlement companies. In addition to contact information and branch locations for settlement firms, agents, and title companies, each Registry listing includes a title agent’s or real estate attorney’s unique seven-digit ALTA ID, which enables lenders to quickly verify the identity of the entity handling a transaction. With 8,000 confirmed records and more being added daily, the Registry is becoming an important tool in fighting cybercrime.
“The national ALTA Registry is a unique real estate utility created specifically for mortgage lenders and technology partners,” said Diane Tomb, ALTA’s CEO. “We’re pleased to offer this tool as an innovative product to Mortgage Cadence and its clients. The emergence of the ALTA Registry as an effective and easy-to-use source of data and information comes at the perfect time to help counter the alarming increase in wire fraud.”
Efficient and secure connectivity is one of the highest priorities for title agents and their customers. The Financial Crimes Enforcement Network reports that attempted business email compromise (BEC) threats have increased to more than US$300 million per month from US$110 million per month in 2016. Further, the number of BEC suspicious activity reports increased to 1,100 per month last year, more than double the 500 reported per month, on average, in 2016.
Using the unique ALTA ID from the ALTA Registry, Collaboration Center immediately validates title agents during the account creation process to help ensure that all users are verified, ultimately adding vetting capabilities to increase the security of the network.
“The addition of ALTA Registry data in Collaboration Center adds another layer of defense against cybercrime and represents just one of the many steps Mortgage Cadence uses within the product to provide secure alternatives to email,” said Bryan Ireton, CEO and managing director of Mortgage Cadence.
Mortgage Cadence’s Collaboration Center helps lenders increase efficiency and profitability by automating processes, such as document comparison and email search, exchanging documents and data, and offering real-time messaging.
Contact ALTA at 202-296-3671 or [email protected].