This week, Jim Gill of Hanzo goes industry specific with a mortgage industry compliance regulations overview, which is good to know if you’re a mortgage company or a client of one!
In the article (An Overview of Compliance Regulations for the Mortgage Industry, available here), Jim discusses that when it comes to making sure financial data is safe and meets compliance regulations, understanding the different regulatory bodies that affect the mortgage industry is a vital first step.
One of those is the Consumer Financial Protection Bureau (CFPB), which is a US government agency dedicated to making sure you are treated fairly by banks, lenders, and other financial institutions. Here’s one of their regulations from the Code of Federal Regulations (CFR) concerning the mortgage industry:
Regulation P: Privacy of Consumer Financial Information
This regulation governs the treatment of nonpublic personal information about consumers and requires a financial institution to provide notice to customers about its privacy policies and practices.
Annual Notices and Opt-Outs: You must provide a clear and conspicuous notice to customers that accurately reflects your privacy policies and practices not less than annually during the continuation of the customer relationship. You must also provide adequate notice that the consumer can opt out of the disclosure of nonpublic personal information to a nonaffiliated third party.
So, what are other mortgage industry compliance regulations to be aware of? You’ll have to read his blog post here to find out! It’s just one more click! 😉
So, what do you think? How do you address compliance regulations in your organization? Please share any comments you might have or if you’d like to know more about a particular topic.
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