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?
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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.