The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 26th, 2017

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Manage Your Social Media for Compliance

Social MediaOver the past decade alone countless social media platforms have come and gone. Today the most popular social media sites include LinkedIn, Facebook, Google+, Pinterest and Twitter, which are all here to stay.  These platforms are changing how homes are bought; sold; or financed and with a little forward thinking, they’re the perfect platforms for mortgage lenders to encourage their loan officers to engage in social media.

With more people relying on social media to make big decisions, mortgage lenders are paying attention and reaching out on social networks to attract would-be home buyers and those wanting to refinance.

There are numerous benefits social networks can provide for mortgage lenders. They’re discovering how to locate would-be home buyers online, according to demographics like location, interests and economic details. They can also turn to social media to market loan programs for specific home buyers with more accuracy, where they look for it and share information. And, we’ve created that perfect platform for loan officers, mortgage lenders and your compliance departments to easily manage your content media.

Even better, mortgage lenders can often place the right information in front of the right people at exactly the right time: when they might be looking to buy and Google search is the place of all to do that. Would-be home buyers expect to be able to get relevant information from their social networks whether they’re at home on their tablet; at work on their laptop; or checking their phone while running errands. It’s now the mortgage lenders job to meet them where they are online. As a result, mortgage lenders are in need of a recognized social media platform and that includes a WordPress blog to manage your compliance and create happy customers who will share their experience within their networks and increase referrals.

The Regulatory Dilemma

Despite the advantages of social media, mortgage lenders face a challenge: they’re trying to figure out how to continue to market effectively, while also following the new social media oversight regulations from the Federal Financial Institutions Examinations Council (FFIEC) and the agencies that are governed by it, including the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), the National Credit Union Administration and the Federal Deposit Insurance Corporation. The new regulations outline how mortgage lenders can compliantly use social media and blogging communications.

More specifically, the FFIEC guidance states: “A financial institution should have a risk management program that allows it to identify, measure, monitor, and control the risks related to social media.” The best way to do that is by using on single platform like WordPress and a social media network that accesses all the important platforms like LinkedIn, Facebook and Google+. Having one network that works with all these platforms not only lets mortgage lenders manage their content media, it allows them to adjust to any concerns immediately and know the changes are made universally.    

Among other risk-management necessities, your compliance department needs a system to monitor the posted content found on your company websites and social media platforms, originating from any device or server, including those found in any of your branch offices. 

Managing the Overwhelming

Your compliance team is probably already managing a number of other industry rules and regulations, so the extra cycles caused by these new regulations can be impactful and overwhelming if you have limited resources and not using a centralized social media platform like WordPress. Let’s face it, if you allow your loan officer to post a little here and a little there without a blog, how in the world can you expect anyone to keep track of it? Whereas, if your loan officers are using WordPress and accessing the major social media platforms with it, controlling their content media gives you a much higher level of security and peace of mind.

Mortgage Lenders are also worried about taking a misstep with social media and landing in the middle of regulatory enforcement actions or fines. Last year, there were several instances in the news where the Consumer Federal Protection Bureau and FFIEC handed out sanctions to lenders who didn’t follow the new social media rules.

With no more room for error, how can lenders keep their marketing engines revving, and still stay on course with the regulators?

One thing’s for sure: you can’t rely on social media sites to help with regulatory compliance or maintenance of an audit trail, but it you set up a WordPress blog to meet these rules compliance is some much easier.

Social media sites aren’t responsible for holding these records. Your compliance departments have to find a reliable and realistic way to monitor and produce social content for examiners, and also maintain an audit trail that shows posts were monitored. What better tool than a WordPress Blog?

Looking to Technology for Help

If the task of managing social media compliance seems like too much to handle, you’ll be happy to know that mortgage lenders and their compliance teams can turn to WordPress to help enable their business goals and enforce compliance policies.

Along with a sound social media policy, a comprehensive social media web archiving that a WordPress blog offers and monitoring solution allows you to:

  1. Set up policies that automate monitoring of content that has been posted to your company’s social media accounts or websites.
  2. Immediately surface actual risk for compliance review, including posts and content that were published on your social media sites, but may be non-compliant with regulations.
  3. Help you enforce your company’s established social media compliance policies.
  4. Provide an audit trail that can track when a social media post or interaction happened and show any corrective actions that took place after published content was reviewed.
  5. Enable your marketing and legal teams to also view and review social media content when needed. 

As a mortgage lender, you need to know when a branch office manager or loan officer posts sensitive or non-compliant content or misleading claims about current mortgage rates. When you to turn to WordPress, Google and The Home Buyer’s Korner to manage this, you’ll find there are intelligent solutions available that can help your compliance team automate the monitoring of social media content and surface flagged posts that present real risk, so they can be further reviewed.

Social media is how business is being driven these days and where you find customers; it’s not realistic to ignore it. With a little preparation to set up the right social media policies and monitoring solution, however you can manage requirements under the new regulations and still stay active on social media.

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