522310

Mortgage and Nonmortgage Loan Brokers

Cyber Liability Insurance for NAICS 522310

CYB

Ranked reasons a business in NAICS 522310, Mortgage and Nonmortgage Loan Brokers, needs Cyber Liability coverage. Each reason is specific to how this industry actually loses money, and ends with the question to ask before the objection comes up.

  1. 01

    You collect the borrower's entire financial life.

    • Applications carry social security numbers, income, tax returns, and bank statements.
    • Federal safeguards rules require a written security programme.
    • Every applicant must be notified when it is exposed.
    ASK
    How many loan applications with borrower financial data do you hold?
  2. 02

    Closing wire fraud targets your borrowers through you.

    • Fraudsters intercept communications and send fake wiring instructions.
    • Borrowers trust instructions that appear to come from you.
    • A diverted wire takes the borrower's entire down payment.
    ASK
    How do you communicate wiring instructions to borrowers?
  3. 03

    Lender submissions run through connected systems.

    • Applications and documents are submitted to lenders electronically.
    • Rate locks and closing dates are committed against those submissions.
    • A systems failure means missed locks and missed closings.
    ASK
    How are your applications and documents submitted to lenders?

1–8 policy ← → move ESC home