Comergence Compliance Monitoring, a compliance monitoring and management solution provider for the mortgage industry, has selected TriCipher to deliver strong authentication, single sign-on convenience and identity federation to its industry-leading end-to-end solution for Third Party Originator (TPO) management and compliance monitoring.
Together, the businesses will develop 'private clouds' for wholesale lenders that need to manage and oversee broker license compliance and secure access to lending institutions.
"We're creating a solution that meets the needs of TPO's (mortgage brokers) and lending institutions and security is a critical component," said Michael Stallings, EVP of operations at Comergence. "TriCipher lets us create a federated environment, with secure single sign-on across our portfolio of financial applications."
Securing access to financial data
For mortgage brokers, the Comergence Compliance Monitoring portal offers a single location for managing and monitoring loan agents' licenses and providing access to financial institutions' lending applications. TriCipher's myOnelogin provides secure single sign-on to a portfolio of applications, and protects businesses by:
- Safeguarding logins with strong authentication, delivered seamlessly as an on-demand service
- Enabling brokers to instantly revoke privileges from an individual loan officer when they leave the business or violate license compliance -- helping prevent unauthorized access to sensitive financial data.
"The mortgage industry is undergoing significant changes and we're proud to be part of the Comergence community," said Jack Martin, vice president of worldwide operations at TriCipher. "Eliminating risky brokers and ensuring the safety and security of financial lending records is incredibly important -- especially in an economic downturn.
Creating a federated environment for financial institutions
TPO's and their loan officers benefit from having a single site to access all the financial institutions that they work with. Comergence is establishing a federated community of trust for TPO's by implementing SAML federation with partner financial institutions -- creating 'private clouds' for financial businesses that consistently collaborate. Those that do not already have SAML-enabled access can use the myOneLogin SAML consumer service to implement it quickly and easily, without significant application changes.