Biometric Email with Loan Processing Risk Assessment Management

Mortgage Banking and the Evolution of Email Technology

New Biometric  Technology Dramatically Reduces Loan Processing Time & Costs

April 12, 2016

By David Ackerman

Our marketing and sales experience with small mortgage companies, indicates that they do not have the adequate technology resources necessary to meet basic compliance requirements set by the Federal Trade Commission and the Gramm Leach Bilily Act. This is in large part because simple and inexpensive technology solutions were not previously available.

Instead, our survey experience revealed that unsecured email still remains the major workhorse for online loan processing. In fact, many mortgage companies heavily rely on unsecured email to transmit loan applications, and sensitive loan applications. Even a blanket disclaimer does not meet basic compliance requirements. This is in large part due to the expensive cost of adding encryption technology into the loan process, that generally requires a security engineer to set up. In addition, it requires extensive training of staff before it can be implemented in practice, and even the potential borrower must learn to navigate the system to deliver confidential information.

In fact, a review of monthly FINRA compliance reports generally always has at least one email compliance enforcement fine for the use of unsecured email transmitting sensitive financial information.

So how bad is it? In March 2015, Halock Security Labs reported that nearly 70% of lenders put sensitive financial information at risk during the loan process. This included the use of unsecured email. “Lenders are more interested in making the application process an easy one then they are making it safe”.

In 2013, Internet Biometric Security Systems, Inc. spent nearly three years developing an advanced email technology communication solution to solve the inherent problems of using unsecured email, and solve the complex challenge of email encryption. In 2016, IBSSMail was released to the mortgage banking industry which provides advance biometric point to point email communications. No email can be forwarded, copied or leaked to unauthorized third parties. Only the intended party can biometrically open the communications. Most importantly, it protects highly sensitive financial information such as loan application and tax returns using biometric identity management. The only party that can open the email is the certified accountholder. Further, it was designed to be simple to use, and can have an average mortgage broker up and running in minutes, no professional training required. Equally, it has the same look and feel as regular email, but with benefits of advanced communication privacy. If you want encryption, you can add it on the fly within the system. It is so easy to use, even your client borrower can be set up quickly at a reasonable cost in exchange for high level communication security. For more information or free trail, visit

However, Internet Biometric Security Systems, Inc. did not stop with IBSSMail. In an effort to streamline the mortgage process and cut cost for loan processing bottlenecks, IBSS Biometric Signature technology with risk enhancement was created to speed productivity and increase security. When the client remits their loan applicant and tax return via email attachment, the content of each document is scanned in real time for risk assessment, verification of social security numbers, addresses, date of birth, and other relevant loan information. When the mortgage broker receives the email, the loan application is processed in real time with a risk assessment score for veracity, and digitally authenticated with a biometric signature to prevent fraud. This technology can be incorporated as a standalone technology or incorporated in IBSSMail. For a free demonstration contact us at for more details, and see how you can dramatically save both time and money with your loan processing, and equally enhance your loan processing security.

David Ackerman, President of Internet Biometric Security Systems, Inc. has a combined 26-year background in financial services, mortgage banking and cybersecurity industry. Mr. Ackerman, is a worldwide patent holder in numerous cloud based biometric service technologies covering mortgage banking, commercial banking, medical services, and the legal industry.




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