Have you considered, however, your company’s liability for violating federal regulations through its use of social media? Ignorance isn’t bliss when it comes to compliance, and mortgage professionals would be wise to make sure that their companies’ social media usage is in line with industry requirements.
It’s rare to find a mortgage professional today who has not, at the very least, considered the use of social media as a way to drive sales. Although it’s commonplace that a mortgage company’s sales employees are marketing the company in various forms of social media, it’s uncommon to speak to a mortgage company’s management team that knows exactly what employees are saying about the company.
Mortgage company executives often think they are not responsible for their employees’ personal use of social media. If your employees are making representations on behalf of your company, however, your bank or brokerage can be held responsible for any misrepresentations or instances of deceptive marketing. Whether employees market on the company’s behalf or the organization’s corporate team employs social media campaigns, mortgage banks and brokerages must be mindful of complying with federal regulatory requirements when creating company-related websites and posting on mediums such as blogs, Facebook, Yelp, Twitter or LinkedIn.
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If you have any questions about please contact Daniella Casseres at:
firstname.lastname@example.org | 240.507.1740
She also works closely with the firm’s affiliate company, Strategic Compliance Partners. She advises these clients on state and federal compliance laws and regulations including, TILA, RESPA, FHA, SAFE Act, FCRA, GLBA, Privacy Act, and BSA requirements.