Asset Linking: The Safety-Assured Way to Apply for a Mortgage

Are you aware of the safety risks that come with emailing, faxing, or scanning your bank data? Many traditional processes for collecting your sensitive data pose a multitude of safety concerns yet are still being used today. Such risks exposing your sensitive data is completely unnecessary.

Imagine that you apply for a loan with a company that still uses an archaic system for sharing documents; they might ask you to email your documents or fax your bank statements, but you shouldn’t do it. Downloading your sensitive documents directly to your computer and attaching them as files in an email that is later spread through the internet to sit in someone’s email inbox is riddled with gaps in security.

Additionally, scanning your documents via fax presents flaws as well; office fax machines are often shared, and your documents may be viewed by employees who are not authorized or misplaced in the wrong file once they are finally collected from the fax machine. The chance for interception and human error is far too great in each of these scenarios.

To mitigate concerns of who will access your data, where credentials will be stored, if the data will be encrypted, how the entire process is protected, and where those physical documents will be kept while the loan closes, we have adopted a modern solution - asset linking. Find out: is asset linking truly safer and better than traditional processes of linking your sensitive data?

Asset linking is a tool that connects your banking data by encryption to a system with read-only privileges. We trust its functionality and security because it is an industry standard process and we’ve added further security to our own process to ensure the proper use of such systems. Although we still offer the option to upload a PDF of your bank statements to a secure folder in the cloud, asset linking improves overall safety and efficiency within the loan process.

The popularity of applications for managing your financial profile is a testament to the efficiency and security of asset linking. One example is Mint.com, which launched in 2007 and boasts over 20 million users and has linked over 17 million financial accounts.

Now that asset linking has become a daily necessity in online banking, we can now leverage this technology to make the mortgage lending process more efficient. Learn the five primary features of asset linking that make these practices safer than traditional modes of sharing sensitive information with your mortgage lender.

Key Security Features of asset linking:

  1. Read-Only Access
  2. Credentials Never Stored
  3. Encrypted Date
  4. Approach to Safeguard Data Protection
  5. Physical Security

1. Read-Only Access

Our application logs into the banking systems on your behalf with read-only access to get the data we need to do our diligence on getting you a top-rate loan. This means we cannot initiate any changes, transfers, withdrawals, or deposits but are only capable of reading the data we need to close your loan.

The data received through asset linking is the same as what we’d see if you sent a PDF but much safer. Although your data will be analyzed the same way regardless of the format you send your data, asset linking solves for the concern of the number of eyes who will have access to your sensitive information. It also carries the added bonus of obtaining almost instant feedback rather than waiting for a processor to read the PDF and manually input this data into our system.

2. Credentials Never Stored

We never receive your bank credentials on our servers. This means your username and passwords never touch our servers, are never seen by our team, and are not information we have access to view. This information goes directly to our industry leading partner providing asset linking for companies such as ourselves. This means we can never access your bank account information without your explicit consent.

3. Encrypted Data

Encryption is a way of scrambling your data so that only trusted parties can read it. All sensitive data, including your bank balance and transaction history, is encrypted for your protection with asset linking. Additionally, all data sent to Neat Capital as you interact with our application is encrypted. If, for any reason, someone is listening in on your internet connection, the data will not be feasible to obtain.

4. Layered Approach to Safeguard Data Protection

By instilling strict access controls internally, we protect your data by only giving access to necessary team members who require this data to complete their job. By eliminating the number of eyes that see your information, we keep your data private. These internal safeguard procedures additionally ensure all data goes where it should be, and can't get accidentally misplaced. Our layered security process is like a vault, inside a castle, surrounded by a moat, with crocodiles and sharks in the moat. We take our data protection procedure very seriously because we value keeping your data safer that your average kingdom.

5. Physical Security

In addition to the security built into our applications, the data centers which house our servers are secured-locations protected with 24/hr. security and monitored by security guards. This prevent unintended access to the actual server machines.

Is Asset Linking Truly Superior?

Asset linking is a safe and easy feature of modern-day lending; this feature of our home loan application replaces email, fax or PDF uploads which may carry unnecessary risk. These five key security features are upheld to maximize security of your sensitive data and make asset linking the safer choice for sharing your information. Our safety procedures utilize these five key security features in conjunction with our asset linking functionality, providing a safe interface for sharing financial data in this modern age. With strict safety measures in place to prevent data breaches, you can rest calmly knowing your data is safe for the short time we have limited, read-only access.

Curious about our security approach? Learn on our security page.


Mountain icon

ABOUT NEAT CAPITAL

Frustrating. Time-consuming. Stressful. Lack of confidence. Sound like your typical mortgage experience?

Neat Capital is different in every way. We’ve reinvented the mortgage from application to close, focusing on creating the ideal borrower experience. It’s fast, hassle-free and transparent, prioritizing you every step of the way.