Businesses in the mortgage and financial industries that commit social media compliance infractions face a number of issues including legal and regulatory concerns, loss of consumer trust, and deterioration of brand reputation. These businesses simply cannot afford to make mistakes in regard to regulatory compliance. In the ever-changing landscape of the web, avoiding social media compliance mistakes can be difficult; employees may unintentionally break from corporate and regulatory policy, and companies may not have the resources or tools to manage their digital presence effectively. Here, we’ll outline four major digital compliance mistakes that are common in mortgage companies and explain what your organization can do to prevent them.
3 min read
7 min read
When used properly, web and social media sites are powerful marketing tools which can bring customers to your door; however, they can also bring the regulators knocking. The FFIEC has finalized its guidance on the use of social media by financial institutions and the CFPB has started the door-knocking. Factor in the use of social media by mortgage loan originators (MLOs), which you are also required to monitor, and the compliance challenge is escalated. Now state regulators (for example WA, TX, CA and AZ) are getting more aggressive in overseeing the use of social media and are sending out "intent to audit" letters. Are you prepared to meet the challenge of an audit?
3 min read
Every industry has adopted social media at different levels and each industry analysis shows a particular pattern of performance with social media. Regulated industries, such as the Mortgage Industry, have the additional burden of keeping their employees’ and agents’ points of presence (POPs) compliant as well as their own branded POPs. Today, we see every industry, regulated or not, jumping heavily into social media.