GMAC Bank has adopted a new technology system designed to store secure electronic mortgages, the bank said today.

The Pennsylvania-based national bank plans to put Houston-based Encomia’s Vault module, an electronic storage system, into use as part of its overall mortgage note custodial services, GMAC Bank said.

The Vault module provides secure documentation authentication through smart cards and digital certificates and complies with critical encryption standards, the company said. GMAC Bank’s Document Custody Division will be using the technology.

“Implementing the Vault module is a natural fit for the GMAC Bank culture, which values customer service, responsiveness and continuous process improvement,” said Barbara Krawczun, vice president of GMAC Bank, Trust Operations, in a statement.

“GMAC Bank has an innovation culture and sees the value of being an early adopter of this new technology and business approach,” Krawczun said.

Concern over identity theft has skyrocketed in the wake of scandals last year over information theft from ChoicePoint and LexisNexis, among others. Late last year, the nonprofit Identity Theft Resource Center in San Diego reported 110 security breaches affecting 56.3 million individuals in the United States.

GMAC Bank is a wholly owned subsidiary of Residential Capital Corp., a leading real estate finance company based in Minneapolis, which is an indirect wholly owned subsidiary of General Motors Acceptance Corp. (GMAC). Residential Capital’s businesses include GMAC Mortgage, GMAC Real Estate, Ditech.com, GMAC Bank, GMAC-RFC Securities and Homecomings Financial.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription