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Gramm-Leach-Bliley Act (GLBA)

New CFPB Proposed Rule Looks to Protect Consumer Disclosures

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The Consumer Financial Protection Bureau (CFPB) proposed a rule to promote more effective privacy disclosures from financial institutions to their customers. The rule would allow companies that limit their consumer data-sharing and meet other requirements to post their annual privacy notices online rather than delivering them individually.Click to continue

Mercury Network Launches Automated Compliance to Conform to New ECOA Valuations Rule

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The ECOA Valuations Rule is effective Saturday, Jan. 18, and it mandates that all borrowers confirm statements prior to receiving an electronic copy of any appraisal report. Mercury Network has launched automated compliance for lenders and AMCs, and also creates a full audit trail to prove compliance with the new regulation.Click to continue

Who Has Access to Your Borrowers’ Data?

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The Consumer Financial Protection Bureau (CFPB) now has rule-writing authority and enforcement authority over financial institutions, and this includes interpreting how various federal data privacy and protection statues will be enforced in the mortgage industry. As a mortgage lender, bank, credit union or broker shop you need to know what these statutes and rules mean for your business.Click to continue

GLBA compliance: Save thousands on overhead and make more money at the same time

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Many mortgage originators are unknowingly violating the Gramm-Leach-Bliley Act (GLBA) by not adequately protecting the non-public personal information of borrowers. When disclosure docs are e-mailed, faxed or stored in an unsecured office or file cabinet, there are often no safeguards for privacy protection as dictated by the GLBA. This exposes you, your loan officers to a lesser extent, and your lenders to potentially huge legal liability.Click to continue