Experts offer advice on RESPA and compliance in digital marketing | News by edition
While the Consumer Financial Protection Bureau (CFPB) has not issued any recent enforcement action under its RESPA agency, that does not mean it is not reviewing or advising on it. The report on digital comparison platforms, issued in February, is evidence that the office is paying attention to service providers and their business processes.
They will be joined by Loretta Salzano, President of Franzén & Salzano, and Jerra Ryan, Vice President of Firstline Compliance, LLC October research at the National Settlement Services Summit to provide insight into the Bureau’s advisory opinion, other CFPB priorities and best practices for settlement providers.
“It’s important to understand the scope and intent of the CFPB opinions,” Ryan said. “Assessments cannot change an ordinance, but they provide valuable insight into the Office’s expectations. While this advisory is specific to “mortgage comparison shopping platforms,” it has broader compliance implications.”
With over 30 years Service and Lending Because of his experience, Ryan is an expert on all life stages of a home loan. Her resume lists senior positions at SWBC Mortgage, First Choice Loan Services, Inc. and Cherry Creek Mortgage Co., Inc. She is also vice chair of the Regulatory Compliance Subcommittee of the Mortgage Bankers’ Association.
Ryan said market dynamics are challenging right now, and as fulfillment providers invest in tools, resources and marketing to reach consumers and boost production, it is imperative to ensure their efforts are consistent with RESPA and other state and federal regulations stand.
Salzano was named Top Compliance Attorney by Mortgage Compliance Magazine, is a member of the American College of Consumer Financial Services Attorneys and serves as legal counsel to the Mortgage Bankers Association of Georgia and Rainbow Village, a transitional housing program. She advises banks, mortgage lenders, real estate agents, title brokers and other settlement service providers on RESPA compliance, the Truth in Lending Act, the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act.
“I’m thrilled with every stone the CFPB throws at us on RESPA,” she said. “The current opinion is helpful in predicting how the CFPB and other regulators will respond not only to the issue addressed in the guidance, but also in other situations.”
Compliance with digital marketing regulations is a hot topic as billing service providers look for ways to increase production given the recent drop in volume. This often includes working with digital marketing platforms, lead sellers, and other referral sources. Salzano said it’s important to understand how initiatives to encourage growth could lead to a risk of violating RESPA and other consumer protection laws.
Salzano said she hopes attendees will go home with the necessary expertise and know where to draw the line compared to online marketing and payments to referral sources in other contexts.
“The guidance in the advisory opinion is not a barrier, and participants can use it as a guide to effectively manage risk as they grow their business,” Ryan said.
More information on NS3 2023, including the agenda and a list of speakers for all three days, can be found here Here. You can register for NS3 Here.
Do you want to freshen up before you sit down? Check out our previous coverage of digital marketing compliance.