Lenders must keep detailed records of residential mortgage loan transactions. Records help regulatory agencies determine “what happened” in specific transactions and whether lenders complied with the law. As the loan application process moved from storefronts to the web, some (but not all) agencies added internet advertising to their record-keeping rules. Now, as lending migrates to mobile apps, and negotiations move from email and phone calls to texts and tweets, it’s getting tricky to apply record-keeping rules.
Our webinar, featuring mortgage compliance attorney Andrea Lee Negroni, considers how record-keeping rules may apply to social media communications and text messages, and offers potential “best practices” in an ambiguous area.