Privacy in Mortgage Lending

This title is one of the many courses available in the AllRegs Education Package subscription program!

This self-study online course will examine privacy laws and how they protect consumers. The course covers the Gramm-Leach-Bliley Act (GLB Act),the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act (FACT Act), the Privacy Act of 1974 and the Right to Financial Privacy Act. Additionally, the course will discuss required disclosures and lender liability under the laws. Course topics and discussion will highlight the lender's obligation for the consumer's financial privacy and safeguarding requirements, as well as other privacy-related issues in mortgage lending.

What will I learn?

Upon completion of the course, students will be able to:

  • Distinguish between public and non-public information
  • Determine what information may be shared with affiliates in regards to customer notification requirements
  • Apply consumer reports privacy requirements to a mortgage transaction scenario
  • Utilize best practices for safeguarding consumer information

Agenda

Introduction

  • In the News
  • Why Privacy Matters
  • Consumer Privacy Standard Failures
  • Identity Theft Breach Report
  • Laws Affecting Privacy of Financial Information
  • Laws Affecting Privacy of Financial Information
  • Fair Credit Reporting Act (FCRA)
  • FCRA/FACT Act Scope
  • Dodd-Frank Act
  • GLBA Privacy Requirements
Liability for Violation
  • Distinguish between public and non-public information (NPI)
  • Key Terms
  • Consumer or Customer
  • Non-Public Information
  • Examples of NPI
  • Exceptions to NPI
  • NPI vs. Non-NPI
  • NPI Example
  • Interagency Rule regarding requirements of GLBA

Determine what information may be shared with affiliates in regards to customer notification requirements

  • Affiliate Information Sharing
  • NPI Sharing
  • Opt-out Only Required for Non-Affiliates
  • Re-use and Re-disclosure
  • Required Disclosures
  • Electronic Funds Transfer Act
  • Disclosure of Account Numbers

Review requirements for privacy notices

  • Privacy Notice for Customers
  • Interagency Model Privacy Form
  • Privacy Notice to Consumers
  • Other Requirements of Privacy Notice1
  • Website Policies
  • Pretexting
  • Option to opt-out of privacy requirements
  • Opt-Out Notices
  • Exceptions to Opt-Out Notice
  • Opt-Out Requirements
  • Prescreening - Short and Long Form Notice
  • Short Form Notice
  • Short Form Notice Example
  • Long Form Notice
  • Long Form Notice Example
  • Non-compliance
  • Credit Report Activity

Utilize best practices for safeguarding consumer information

  • Safeguarding Policy
  • Assessing Risk
  • Employee Management and Training
  • Security Management
  • Protecting Personal Information
  • Reasonable Care
  • Is Your Privacy Notice Up to Standard
  • Disposal Rule
  • Privacy Under the FACT Act
  • Methods of Disposal
  • Enforcement Actions

Course Length

50 minutes

How it works

Each self-paced, self-study course examines a particular topic, allowing students to hone in on a focused set of learning concepts. Each course is designed with learning objectives, comprehensive course materials, learning reinforcement activities that appeal to various learning styles, real world examples, and, where appropriate, video and/or audio recordings of industry experts.

The final exam is completed online with instant grading, and you can download your industry-recognized certificate of completion after you successfully pass the course. While course completion time varies per student, it will take approximately one hour to complete most courses.

Students have 12 months from the registration date to complete the course. Upon successful completion of the course, students can download their industry-recognized certificate of completion and transcript.

*Restrictions apply. If your staff size exceeds 250, please consider the Enterprise AllRegs Education Package.