The Silicon Review
"We offer a SaaS solution to assist banks in managing settlement agents and closing table risk, which involves the risk of loss to the bank and consumers from wire fraud, theft of funds, mortgage fraud, and identity theft."
Secure Insight is the lending industry’s most robust, cost-efficient, and airtight defense against wire fraud and closing fraud. It operates across the United States.
It was founded in 2009 and is based in Parsippany, NJ.
Interview Excerpt: Andrew Liput
Q. Could you describe your typical management style and the type of employee that works well with you?
I believe in the servant-leader form of management style. We have created an environment where all employees are involved in our company's growth, seeking regular input on how we can streamline and improve our services, how we may branch off into additional product offerings, and how we can improve overall as a company. We start each week with a key stakeholder meeting with each department's representatives, who then hold their own meetings with their staff. This way, we keep communications flowing actively and freely and get buy-in from all our employees with all of our initiatives.
Q. What is your company’s policy on providing seminars, workshops, and training so the employees can keep up on their skills or acquire new skills?
We train our employees regularly on various topics, especially data security and privacy, customer service, and the ethical handling of the personal and business data we collect from the subjects of our vendor management risk assessments.
Q. Secure Insight is the mortgage industry leader providing third-party risk management services to lenders, title insurers, and consumers. How uniquely do you address your customers’ pain points being a pioneering service provider?
We developed our business services and products as a reaction to a need for better overall risk management and consumer protection, long before there was a regulatory directive for vendor management. We spent years working with risk analysts at Lloyds in London and insurance analysts in Bermuda, examining lender losses from closing table fraud to build our platform. We were not a reaction to vendor management rules, so we have a more holistic approach to managing risk that considers all lender pain points: loan quality assurance, investor expectations, consumer protection, operational risk, and reputational risk. Most of our competitors created a solution to meet a regulatory need. While they do a good job of checking the box for compliance, they do not have the historical foundation we have where a solution was created contemplating all the issues lenders are concerned about with fraud risk at mortgage closings.
Q. Your company provides an industry-leading enterprise risk management solution that protects banks and their customers from fraud. Could you describe this further, briefly?
We offer a SaaS solution to assist banks in managing settlement agents and closing table risk, which involves the risk of loss to the bank and consumers from wire fraud, theft of funds, mortgage fraud, and identity theft.
Q. What are the other services your company offer?
We offer vendor management for other third-party vendors with whom a lender is engaging in its business. We support the digital closing platform by providing access to lists of verified and experienced eClosing professionals with RON and eNotary capabilities. We are currently developing a new product that will support the additional risk surrounding wire fraud as it impacts other parties to a mortgage transaction. We expect to launch the product this summer and are also set to launch three unique insurance industry initiatives that will take advantage of our unique risk underwriting platform to benefit lenders and settlement agents. We are also exploring how we may support new disruptive technologies that will use blockchain to manage end-to-end mortgage and real estate transactions in the future.
Q. Where do you stand as a company in the current market landscape? And what are you doing to stay ahead of the curve?
We see ourselves as a transformative leader in vendor management in the mortgage space. We expect to take further steps towards becoming an industry utility through continued technological advancements and strategic integrations in the next 24 months.
Q. How do you measure success, and over what time frame? How are these metrics determined?
Like most companies, we measure success by results. We are proud that we have supervised the closing of more than 12 million residential loan transactions with zero lender losses. We also are pleased that in the past 10 years, we have vetted the risk of more than 80,000 professionals in all 50 states.
The Visionary Leader at the Helm of Secure Insight
Andrew Liput is the Founder of Secure Insight. He’s a graduate of Fordham Law School and has completed advanced business leadership, data privacy and security, and Fintech studies at Harvard and Harvard Business School. He founded Secure Insight after spending years studying lender risk from mortgage and closing fraud. He has been an attorney, loss mitigation specialist, fraud investigator, and compliance manager at various companies within the mortgage and banking industry for over 25 years.