“The most expensive thing in the world is trust. It can take years to earn and seconds to lose.” -Unknown
How do you build a network of trusted professionals?
Most people would answer, “working with people for many years, and building relationships over time.” Measuring the integrity of another industry professional or company takes time and effort, but the investment pays off. Knowing the right person is working and collaborating with you on a project creates peace of mind.
How Do You Trust Someone You Do Not Know Or Have Not Met?
Try the ATS Secured Network.
Our network is comprised of verified individuals and entities, ensuring that users are who they claim to be. The ATS Secured Network allows you to search for individuals and/or companies, all of which have received background checks, so you can add them to your address book. As an additional benefit, when you apply for an ATS Pro account and add your company to the network, you will increase your value to like-minded professionals searching for the services you provide.
Own Your Information On the ATS Secured Verified Network
You can customize your contact information and documents, choose to be anonymous, give certain information to individuals you specify, or make certain data fields public to increase your visibility to potential customers. On the ATS Secured Network, you don’t simply enter information about yourself—you own that data, choose whom to share it with and even how long they have access.
Use Audit Trails To Prove Compliance To Financial Regulators
ATS Secured’s technology allows you to monitor all actions taken during a financial transaction and archives all actions with an audit trail, so users can be ready for regulatory scrutiny at a moment’s notice.
The CFPB is making a push for the financial industry to stop using Marketing Service Agreements, asserting that many times illegal kickbacks and referrals are hidden inside advertising or promotional services. Violations of RESPA Section 8 have resulted in steep fines for the industry, totaling more than $75 million to date.
It is now understood that having an MSA is almost like painting a regulatory target on your back. Financial institutions need to prove beyond a doubt that their MSAs benefit the consumer, and without a plan to do this, an MSA will end up costing them dearly. The ATS Secured Network provides mechanisms to manage and monitor MSA agreements, displaying evidence to regulators that such policies are in place with the best interest of the consumer in mind.
MSAs aren’t the only regulation financial institutions need to watch out for. One of the purposes of the Home Mortgage Disclosure Act is to detect discriminatory lending patterns, to be sure that banks are not denying loans based off race, ethnicity, sex and income. In October, the CFPB rolled out its new rule to improve the information gathered for HMDA on residential properties. According to Wolters Kluer Law and Business, the CFPB has “reduce[d] the number of banks and credit unions that must file Home Mortgage Disclosure Act reports by about 22 percent, but will require those that must report to collect up to 48 data points for each loan or application.” Implementation for this 789-page rule is set for January 2018, and the Lenders Compliance Group is advising lenders to be diligent about phasing in these new data points as soon as possible.
On the ATS Secured Network, an individual’s profile has the personal information that banks need to report on for HMDA legislation. Instead of re-inventing the wheel by finding, compiling and fact-checking such a monumental list of data points, financial institutions can simply request it from the individual directly. Since the individual has verified this information, it will also have a greater chance of accuracy.
Financial institutions are also required to aid the U.S. government in identifying and preventing money laundering, according to the Bank Secrecy Act.
We Follow the Money And Verify Transactions
The ATS Secured process follows the money by verifying the validity of the deposit accounts, creating end-to-end payment tracking. Identity verification and end-to-end payment tracking help to prevent fraudulent activity.
These regulations don’t have to cast a shadow over your business relationships. ATS Secured makes it possible to trust the people you work with.
Want to make your mortgage process easier and more accurate? Contact ATS Secured today.