Press Release


Title: Information Assurance Model Released for the Mortgage Industry
Source:   MBA
Date: 10/27/2006

MBA Sharpens its Focus on the Issue of Information Security

Chicago, IL (October 27, 2006) – As the Mortgage Bankers Association (MBA) works to serve its members, and in response to new legal requirements as well as the recognized need for a better, more comprehensive approach to information security across the mortgage industry, MBA’s Board of Directors Technology (BoDTech) has released A Five-Step Information Assurance Model for Mortgage Banking Institutions. Over the past ten years and coinciding with the growth and expanded use of Internet-based technologies for business purposes, data integrity and information security have emerged as critical business issues. As the mortgage industry continues to benefit from the advantages that new technology brings, MBA plans to utilize this paper and to develop a long term strategy to proactively educate the industry on this very sensitive issue.

“By monitoring the regulatory environment and by listening to our members, MBA is actively pursuing the issues of privacy and financial reporting controls as a key objective, therefore becoming one of the BoDTech’s top priorities,” said Kieran P. Quinn, CMB, MBA’s Chairman-Elect and outgoing Chair of MBA’s BoDTech. “This paper will help both residential and commercial firms address information assurance from a comprehensive business prospective establishing trusting relationships with customers and trading partners.”

“As part of a multi-phased approach, this paper is the first step to educating the mortgage industry on information security,” said David G. Kittle, CMB, MBA’s Vice Chairman and incoming Chair of MBA’s BoDTech.

This paper analyzes relevant legislation, regulations, audit standards, and voluntary information security consensus standards and frameworks to improve information security awareness and expand availability of comprehensive information security methods throughout the mortgage industry. As part of a multi-phased approach, MBA will now work to expand upon this research and explore possible products and services that MBA can offer to educate and assist its members on protecting corporate, personal, confidential or sensitive information using a thoughtful and consistent approach. This newly released paper is available for sale at http://store.mortgagebankers.org.

This paper is just one more example of the valuable technology research that MBA - the premier source for real estate finance information – provides. In fact, over the last year, MBA and its subsidiary, MISMO, have publicly released two other related papers, focused on the issue of information security - Protecting Personal Information: The Good, the Bad, the Ugly and Identifying and Safeguarding Personal Information: Recommended Guidelines and Practices. To access either of these previously released papers, free of charge, visit www.mortgagebankers.org.

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:   www.mba.org.