Social Media Archiving
DISCLAIMER: Keep in mind we are not a law firm and this is not legal advice
Announcing New Social Media Compliance Archiving Service for Mortgage Brokers, Real Estate Brokers and Agents, Insurance Agents and Financial Service Providers
Technology and social media marketing is an ever growing marketing outlet for financial services organizations, Lawyers, Insurance Companies, Real Estate Brokers/Agents, Mortgage Brokers, Loan Officers and more. These industries are tapping into the power of social media for reaching the masses. Along with the benefits and power of using social media for business, there is a liability and risks involved. Many do not have social media policies and are not prepared for legal issues resulting from careless handling or mishandling of technology. From the NAR, MAP – Reg N, FINRA, SEC & FFIEC for financial firms, (NAIC) or Dept. of Insurance and more… there are a lot of regulations that financial service providers must adhere to.
The company must have a written policy that insures compliance with the regulation. If you need to have a professional detailed social media corporate policy that is in compliance with the FTC MAP-Reg-N- we will write a policy to fit your company.
As conversations move from paper to digital, it is important to remember that those communications constitute legal records just like emails and documents, and are subject to be used in litigation. Digital records could be critical for compliance, protection, defense, legal e-discovery, and other records management needs. Archiving is now a necessary element of a social media strategy for any business professional, especially Mortgage Brokers, Loan Officers, Real Estate Brokers and Agents and Insurance Companies.
What exactly is a digital communication? Every post, every link, typed word, comment anywhere buried in the depths of social media is considered a communication and every communication is a record. Even text message and emails. Are you texting for your company? Are you deleting emails? Protecting your organization with social media archiving, backup and retrieval for compliance or defense provides peace of mind and 24/7 coverage for your brand. You don’t have to worry.
Many of these firms are outsourcing social media services to a novice or social media poster who has no training or knowledge of these governing agencies and legal requirements. The rule applies to any and all who engage in commercial communication in the industry – including mortgage brokers, real estate agents, home builders and lead generators/ advertising and marketing agencies.
It’s imperative that mortgage brokers, real estate agents, home builders and lead generators understand how this rule applies to their website and social media communications.
The Federal Trade Commission (FTC)’s rule, The Mortgage Acts and Practices — Advertising Final Rule (or MAP rule) You are required to retain records for 24 months. Let me ask you this: Do you have a backup copy of every post, tweet, image and comment ever put on social media? I am sure your answer is “no” then this means you have not complied with these regulations. In the event of a law suit or requirement to prove compliance a business could spend months relentlessly trying to contact Facebook or Twitter to provide records of history. They are not going to accommodate you because they don’t do this and it is not their job. The only protection you have is your own pro-active initiative.
According to the rule, under 16 CFR Part 321 (a), mortgage brokers, as well as any organizations who engage in mortgage advertising must keep copies of all commercial communications for 24 months including:
Copies of all communications as well as sales scripts, training materials, and marketing materials, conversations images, comments or communications.
Failure to keep all records required under paragraphs (a) and (b) of this law are considered a violation. Violators first receive warning letters from the CFPB, followed by a requirement to pay civil penalties.
MAP compliance requires mortgage brokers to retain an accurate record of their social media communications with clients that “are designed to effect a sale or create interest in purchasing goods or services”. MAP compliance includes online content such as websites, blogs and social media accounts such as Facebook, Twitter, YouTube, LinkedIn, Google+, Instagram and Pinterest.
How can you fix this if you have never archived your online communications?
Any person or business to whom this law applies to must make record preservation (offline + website + social media) an important compliance priority. Realtors or brokers that post information about loans online absolutely must collect records of such postings or anywhere where the information has been represented. The same is true for emails, text messages, social media posts and private messages.
A good records retention policy reduces a company’s risk by ensuring the proper handling of electronic data. Are you archiving your Facebook content? Treat FB like any other business record. Even a Tweet can be called a business record – Does your organization’s Record Retention Policy include social media? If the stakes are high how do you prove to an auditor authenticity of a social media post from years ago?
Did you know that 81% of lawyers find court-worthy evidence from Social Media Platforms? Further studies and legal implications are showing that commercial firms and financial firms are making the worst social media mistakes. Those engaged in Social Media activity must know record retention schedules & preserve accordingly. One litigation process could cost a Real Estate Broker or Mortgage Broker thousands or tens of thousands or more in legal fees and fines.
Contact us today if you want to be fully protected. We will archive all of your social media channels, blogs, comments and communications. You will never have to worry about litigation again. You can be in full compliance 24/7.
Archiving: Facebook, Twitter, LinkedIn, Pinterest, Instagram, Tumblr, Google+, website, Blog and a host of platforms. Your service rate below is based on a bundle of 5 services of your choice. If you want more than 5 we will discuss a custom price for you.
$159.00 per month
You may select just your Facebook, Twitter and LinkedIn. We can discuss your individual needs.
This regulation requires that the company must have a written policy that insures compliance with the regulation. If you need to have a professional detailed social media corporate policy that is in compliance with the FTC MAP-Reg-N- we will write a policy to fit your company.
Social Media Policy Development $399.00
All website & social media archives are legally authenticated with a 256-bit digital signature and timestamp, so they are of evidentiary quality and comply with the E-Sign Act, Federal Rules of Evidence, and MAP requirements. Archives are kept securely stored on a ssecure private SaaS cloud platform in strict accordance with rigorous SSAE 16 auditing standards and with redundancy for added precaution.
Please contact us to discuss your business in person before ordering our service