Legal Ramifications of Social Media
Social media compliance is no joke these days. The mortgage industry has implemented many rules and regulations regarding the use of social media profiles to maintain a safe and accurate way of marketing to the public.
The mortgage industry is heavily audited in order to keep companies honest and compliant with all regulations. With social media an essential cog in the marketing strategy wheel, figuring out an effective and compliant way to archive data on social media has become a top priority problem that needs to be solved.
Onslaughts of companies and platforms have sprung up to fill this void. Since social media lives and thrives in the fast-paced, every-changing world of the Internet, archiving is an even more difficult and daunting task. Social media sites do not help with regulatory compliance or maintain an audit trail. Finding a reliable and realistic way to monitor content on your different profiles is incredibly important as well as developing an audit trail to prove posts are and were monitored.
What happens if you are not able to show proof of compliance during an audit? Many companies today, even some of the bigger influencers in the industry, have been caught and fined hefty sums for their failure to comply with industry regulations regarding social media.
How To Protect Yourself:
1. Identify the Risk. Simply identifying what could possibly go wrong in regard to your social media campaigns is the first step in complying with social media regulations in the mortgage industry.
2. Measure Social Engagement. Are you using social media in an efficient and effective manner? Be able to prove it.
3. Monitor Social Engagement. Archiving content and interactions on social media is key. When it is time for an audit, you will be required to produce a backlog of social media activity.
4. Control Risks. Develop and implement a system to handle a crisis and control risks. A quick response time and compliant message will be mandatory.
5. Include Pertinent Information. Marketing ads in the mortgage industry require lengthy disclaimers and licensing information. Social media is not exempt from this. Be sure to follow your company’s social media policy. If you are allowed to post on your personal website, be sure to include all required information and disclaimers to keep you and your company safe.