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MBA Releases Protecting Personal Information White Paper

October 27, 2005

	Protecting Personal Information: The Good, The Bad, The Ugly A white paper commissioned by the MBA Board of Directors Technology Steering Committee [pdf]

Orlando, FL – With the mortgage industry being one of the biggest collectors and processors of personal information (PI), the Mortgage Bankers Association (MBA) Board of Directors has released a white paper - Protecting Personal Information: The Good, the Bad, the Ugly. This high-level document addresses, in detail, the importance for mortgage industry institutions to protect PI, the implications for doing so and not doing so, and suggests actions an organization can potentially take to ensure the protection of PI.

“I’m thrilled that this document has become a reality. It was created to help raise the awareness that protecting personal information should absolutely be a high priority for our industry,” said John Robbins, MBA chairman-elect, outgoing chair of MBA Technology Board of Directors (BODTECH), and chairman and chief executive officer of American Mortgage Network.

“In this day and age, the issue of privacy has become more of a concern,” said Kieran Quinn, MBA vice chair, incoming chair of the BODTECH, and chairman of Column Financial Inc./managing director of Credit Suisse Company. “This white paper will help firms that collect consumer-based personal information to be proactive in safeguarding it and establishing good, trusting relationships with customers.”

The White Paper includes the following sections:

• Protecting PI. . .the Good - For mortgage entities that embrace the recommendations to identify, assess and protect PI, those entities will prove over time that they are reputable and trustworthy providers of customer benefits to their consumer bases.
  
• Not Protecting PI. . .the Bad - Failure to identify, assess and protect PI can result in significant deterioration of company and customer benefits.
  
• Not Protecting PI. . .the Ugly - Failure to even acknowledge the importance of protecting PI within an organization can be catastrophic.
  
• Steps Your Organization Can Take – a series of potential steps that your organization can take to evaluate the safeguarding of personal information.

The rise of the Internet and electronic records in the latter half of the 1990s and into the new millennium has changed, and continues to change how companies, organizations and agencies conduct their business. As an industry that is involved in one of the biggest transactions an individual ever makes in his/her life (e.g. purchasing a home), trust is a critical element in gaining and retaining the confidence of that individual. This white paper helps companies to do just that while benefiting from the advantages that new technology brings.

Additionally, the Information Security Workgroup of the Mortgage Industry Standards Maintenance Organization (MISMO), a not-for-profit subsidiary of MBA, will be issuing a follow up White Paper on PI that is more technical in nature. This White Paper is due out in the coming months.

Source: MBA