Regulators Propose Social Media Rules for Lenders
Federal regulators have proposed guidelines for financial institutions when they market mortgage products on social media Web sites.
The 31-page proposal was issued by the Federal Financial Institutions Examination Council.
“Financial institutions may use social media in a variety of ways, including marketing, providing incentives, facilitating applications for new accounts, inviting feedback from the public, and engaging with existing and potential customers, for example, by receiving and responding to complaints, or providing loan pricing,” according to the guidelines. “Since this form of customer interaction tends to be informal and occurs in a less secure environment, it presents some unique challenges to financial institutions.”
The proposal contains a range of guidelines, such financial institutions complying with the advertising provisions of the Truth in Lending Act and disclosing loan terms and costs when they advertise loan products on social media. These companies also should display the Equal Housing Opportunity logo on their Facebook page when referring to residential mortgage lending.
Financial institutions should also have a risk management program to identify, measure, monitor, and control risks related to social media.
Public comments are being accepted on the proposal for 60 days before moving forward with its adoption.
Leave a Reply
- Mortgage Fraud Down, But New Schemes Arise September 27, 2013
- New Evidence of a Housing Bubble? September 13, 2013
- Century 21 Takes on Bobsledding September 13, 2013
- Can Investors Make Good on Housing Bets? September 6, 2013
- A First-Ever Flip in Mortgage Affordability September 6, 2013
- 6 Signs Your Clients Are Ready to Invest September 12, 2014
- 65% of Markets See Moderate Home Prices September 12, 2014
- More Households Optimistic About Home Prices, Finances September 12, 2014
- Suburbanites Are Happiest, Poll Finds September 12, 2014
- Is Your Greatest Fear Losing Your Phone? September 12, 2014
|Monthly Gross Income||$|
|Monthly Debt Expenses [?]
Monthly Debt and Obligations Should Include:
Closing Cost Estimator
|View/Edit Closing Cost Details|
|Traditional Closing Expenses|
|Lender Processing Fees||$|
|Wire and Courier Fees||$|
|Title Closing Fee||$|
|Title Document Prep Fee||$|