Comergence, an Optimal Blue company, has debuted its newest compliance solution: Social Media Compliance.
Powered by regulatory intelligence capabilities and embedded with the specific policies and procedures of a licensed mortgage originator, the service addresses the growing need of monitoring social and digital media communications within a regulatory framework.
“Social media is a powerful tool used more and more by today’s loan officers to source business. Yet, with numerous regulations today and even more expected in the future, the risk is high for unintentional social media mistakes that could pose significant financial risks for lenders,” says Scott Happ, CEO of Optimal Blue.
“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. 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,” he adds.
The Social Media Compliance system can evaluate social media activity across all loan officers and all venues in real time via automated scheduling. The platform also identifies potential violations, highlights usage trends, and provides 360-degree audit reports for a deeper violation review, so lenders can communicate and remediate internally and externally – all within a single, turnkey compliance tool.
For more information on the social media compliance demands in the mortgage industry, Optimal Blue has developed a white paper titled “The Importance of Developing a Social Media Compliance Policy,” which can be accessed here.