Course length: Approximately 35 minutes
This course provides the basics of privacy only as privacy laws apply to mortgage lending. It covers primarily the Gramm-Leach-Bliley Act (GLB Act) but also explains 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 highlights the lender's obligation for consumer's financial privacy and safeguarding requirements as well as other privacy-related issues in mortgage lending. Furthermore, required disclosures under privacy laws will be discussed as well as lender liability under the laws.
Course objectives include:
• 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
More detailed course information is available at: https://www.icemortgagetechnology.com/education/courses/privacy-in-mortgage-lending
Last Updated 06/2020.
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