A new tool helps mortgage-banking firms with the daunting task of monitoring their loan origination staffs’ use of social media and regulatory compliance.
With the intense level of mortgage regulation that is in place today, there is a high risk of
unintentional mistakes made with social media.
As a result of such possible errors, there is a high potential for residential lenders
that utilize social media to face unnecessary financial risk.
So Comergence has come up with a new solution to address such increased risk: Social Media Compliance.
According to a news release Thursday from the Plano, Texas-based subsidiary of Optimal Blue, the service is powered by
sophisticated regulatory intelligence capabilities.
Embedded in the service are the specific policies and procedures of a licensed mortgage originator.
“The unique and leading-edge service addresses the growing need and seemingly insurmountable task of monitoring social and digital media communications within a regulatory framework,” Comergence said.
Through automated scheduling, the system
can evaluate social media activity for all originators and across all social media platforms, the statement said. It also identifies potential violations, highlights usage trends and provides audit reports for a deeper violation review that lenders can use for rectifying noncompliance.
“We recognize that adherence to growing compliance demands will be challenging for lenders if social media compliance remains a manual, time-consuming effort coming at a great cost,” Optimal Blue Chief Executives Officer Scott Happ said in the statement. “By delivering this robust automation at an extremely affordable price, lenders discover an immediate ROI — regardless of whether they have five loan officers or hundreds.”
