A Happy Medium - 3 Steps to Staying Compliant on Social Media
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By Maureen Cioni For many, social media is a place to unwind. We use it not only for informa- tion and to stay in touch with others, but also for entertainment, whether it be silly quizzes, cat videos or funny memes. Social media is largely for relaxing. But for mortgage professionals, social media can actually be a bit stressful. “How can I engage clients and sell my business on social media with all these compliance rules and regulations? Won’t compliance take the fun out of social media? What can I post or not post to stay compliant?” As social media manager for my com- pany, these are just a few of the ques- tions I get from loan officers every month. They’re good questions, too. When using Facebook, Twitter, LinkedIn or any other social media platform, mortgage companies and loan officers need to walk a fine line between what is compliant and true social engagement. In a world where lending rules are constantly evolving, and where screen grabs and images can be cropped to exclude the true context of what someone posts online, there are many reasons to be careful. However, compliance can co-exist with social media. Here are three rela- tively simple steps lenders can take to mitigate the risks while freeing up loan officers to have fun, engage prospects and sell loans, whether on Facebook or any other social platform: Create a policy If lenders want to market themselves on social media, they need to create some ground rules. We are still in the early stages of the social media generation, and most people trying to generate business on Facebook, LinkedIn and Twitter are learning through trial and error. That’s not going to work for mort- gage professionals, who must abide by multiple state and federal regulations. A social media policy, something written down and shared with the organization, should cover best prac- tices as well as what not to do. For example, Mortgage Network’s social media policy doesn’t allow loan officers to post rates on Facebook and other outlets. Why is that? It may sound far- fetched, but if you post a rate with dis- closures, someone could screenshot that post, crop it and demand the same rate days later after the rate has increased. Suddenly, you have a fight on your hands to prove the rate is wrong. At the very least, posting rates on social media can cause confusion and create situations that result in online slander or bad reviews. It’s the kind of thing that makes our industry skittish. Educate your team With a buy-in from the sales force, online engagement and compliance can walk hand in hand. Creating a social media policy comes first, but an effec- tive policy is more than a set of rules. It should be a training tool to help the less socially experienced navigate these new waters with the proper guidance. For each type of social media activity, my company’s policy lets our staff know what information must be disclosed, such as company e-mail, licensed mail- ing address, NMLS numbers and the link to online legal disclosures. It also goes over the correct use of our licensed busi- ness names, as well as rules about post- ing information without consent and what someone can and cannot post. The policy also includes proper social media etiquette, such as dealing with negative reviews and “trolling,” as well as when an official response may be needed and when to take conversations offline. Our policy was created through a joint effort by the company’s marketing and legal departments, and it is a liv- ing, evolving document accessible to all employees online. The whole point is to protect the company and our loan offi- cers, but also to give our people the free- dom to use social media and effectively engage with an audience. For social media novices, our policy and training also takes a lot of the guesswork out of social media platform and how to use them. Because of its popularity, we created a separate policy for Facebook that applies to all Facebook business pages used by our loan officers and branches. It covers what can be posted and what we do not tolerate on our pages, such as profanity and threats. It also addresses third-party links, ownership information and, of course, Mortgage Network’s cur- rent and full legal license disclosures. Track the results Once you have a social media policy, how do you enforce it? How closely should you monitor whether people are following it? I think these are the hard- est questions to answer, because every lender is different. However, making the policy available online and requiring anyone involved in social media at your company to read and sign it is a good start. This way, no one can claim igno- rance for violating the policy. If done electronically, a lender could even have its staff review and sign the policy every year. Training is very key to enforcement. We hold monthly live webinars where Mortgage Network employees can come and ask questions about social media, get help, discover new sources of content and hear from colleagues that are having success on social media. It’s a popular class, and we all learn something new each time. For lenders, social media monitoring can be done either manually in house or by enlisting a third party. We keep a spreadsheet of all employees using social media, and we track their page links and spot-check their pages for usage and compliance. We also have a private social media Facebook group enables employees to post questions and share ideas. There are quite a few social media management providers that will even create content for loan officers and push it out to them on a daily basis for posting. Some services even monitor the use of specific keywords that could be a sign of policy infringement before the post goes out. Of course, these services come at a cost; for smaller lenders, hiring a social media manager might be the way to go. Don’t forget to engage! Compliance is ever-changing in the mortgage industry, but mortgage pro- fessionals can successfully use social media and stay compliant, as well. It takes effort and planning, but staying ahead of what the auditors look for will benefit everyone in the long run. However, there is a critical piece to the social media puzzle that too often goes missing: engagement. Creating a social media policy and sharing com- pliant content are just tools to help loan officers have online conversations with people. After all, you can create all the policies you want, but if loan officers aren’t actively engaging poten- tial borrowers online, what’s the point? In my view, loan officers as a whole could be much more proactive on social media. Find people who have questions about the mortgage process and help answer them (and don’t just sell to them!). Become a resource to those who need help with a specific type of financing, such as VA or 203k loans. Join in conversations with oth- ers, be a real person and have fun. That’s when you’ll start to see a return on your investment. After all, compli- ance can keep you safe on social media, but only engagement will bring you success. Maureen Cioni is social media manager for Danvers, Mass.-based Mortgage Network. A marketing and communica- tions expert with 19 years of experience in the mortgage industry, Cioni is responsible for promoting Mortgage Network through social media, as well as providing social media training for loan officers and expanding the compa- ny’s Web presence. She can be reached by e-mail at mcioni@mortgagenet- work.com. “When using Facebook, Twitter, LinkedIn or any other social media platform, mortgage companies and loan officers need to walk a fine line between what is compliant and true social engagement.” A Happy Medium: Three Steps to Staying Compliant on Social Media 68 JULY 2015 ■ National Mortgage Professional Magazine ■ NationalMortgageProfessional.com
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Transcript of A Happy Medium - 3 Steps to Staying Compliant on Social Media
By Maureen Cioni
For many, social media is a place tounwind. We use it not only for informa-tion and to stay in touch with others, butalso for entertainment, whether it be sillyquizzes, cat videos or funny memes.Social media is largely for relaxing. Butfor mortgage professionals, social mediacan actually be a bit stressful.
“How can I engage clients and sell mybusiness on social media with all thesecompliance rules and regulations?Won’t compliance take the fun out ofsocial media? What can I post or notpost to stay compliant?”
As social media manager for my com-pany, these are just a few of the ques-tions I get from loan officers everymonth. They’re good questions, too.When using Facebook, Twitter,LinkedIn or any other social mediaplatform, mortgage companies andloan officers need to walk a fine linebetween what is compliant and truesocial engagement. In a world wherelending rules are constantly evolving,and where screen grabs and images canbe cropped to exclude the true contextof what someone posts online, thereare many reasons to be careful.
However, compliance can co-existwith social media. Here are three rela-tively simple steps lenders can take tomitigate the risks while freeing up loanofficers to have fun, engage prospectsand sell loans, whether on Facebook orany other social platform:
Create a policyIf lenders want to market themselves onsocial media, they need to create someground rules. We are still in the earlystages of the social media generation,and most people trying to generatebusiness on Facebook, LinkedIn andTwitter are learning through trial anderror. That’s not going to work for mort-gage professionals, who must abide bymultiple state and federal regulations.
A social media policy, somethingwritten down and shared with theorganization, should cover best prac-tices as well as what not to do. Forexample, Mortgage Network’s socialmedia policy doesn’t allow loan officersto post rates on Facebook and otheroutlets. Why is that? It may sound far-fetched, but if you post a rate with dis-closures, someone could screenshotthat post, crop it and demand the samerate days later after the rate hasincreased. Suddenly, you have a fight onyour hands to prove the rate is wrong.
At the very least, posting rates onsocial media can cause confusion andcreate situations that result in onlineslander or bad reviews. It’s the kind ofthing that makes our industry skittish.
Educate your teamWith a buy-in from the sales force,online engagement and compliance canwalk hand in hand. Creating a socialmedia policy comes first, but an effec-tive policy is more than a set of rules. Itshould be a training tool to help the lesssocially experienced navigate these newwaters with the proper guidance.
For each type of social media activity,my company’s policy lets our staff knowwhat information must be disclosed,such as company e-mail, licensed mail-ing address, NMLS numbers and the linkto online legal disclosures. It also goesover the correct use of our licensed busi-ness names, as well as rules about post-ing information without consent andwhat someone can and cannot post. Thepolicy also includes proper social mediaetiquette, such as dealing with negativereviews and “trolling,” as well as whenan official response may be needed andwhen to take conversations offline.
Our policy was created through ajoint effort by the company’s marketingand legal departments, and it is a liv-ing, evolving document accessible to all
employees online. The whole point is toprotect the company and our loan offi-cers, but also to give our people the free-dom to use social media and effectivelyengage with an audience. For socialmedia novices, our policy and trainingalso takes a lot of the guesswork out ofsocial media platform and how to usethem.
Because of its popularity, we createda separate policy for Facebook thatapplies to all Facebook business pagesused by our loan officers and branches.It covers what can be posted and whatwe do not tolerate on our pages, such asprofanity and threats. It also addressesthird-party links, ownership informationand, of course, Mortgage Network’s cur-rent and full legal license disclosures.
Track the resultsOnce you have a social media policy,how do you enforce it? How closelyshould you monitor whether people arefollowing it? I think these are the hard-est questions to answer, because everylender is different. However, making thepolicy available online and requiringanyone involved in social media at yourcompany to read and sign it is a goodstart. This way, no one can claim igno-rance for violating the policy. If doneelectronically, a lender could even haveits staff review and sign the policy everyyear.
Training is very key to enforcement.We hold monthly live webinars whereMortgage Network employees can comeand ask questions about social media,get help, discover new sources of contentand hear from colleagues that are havingsuccess on social media. It’s a popularclass, and we all learn something neweach time.
For lenders, social media monitoringcan be done either manually in house orby enlisting a third party. We keep aspreadsheet of all employees usingsocial media, and we track their pagelinks and spot-check their pages forusage and compliance. We also have aprivate social media Facebook groupenables employees to post questionsand share ideas.
There are quite a few social mediamanagement providers that will even
create content for loan officers andpush it out to them on a daily basis forposting. Some services even monitorthe use of specific keywords that couldbe a sign of policy infringement beforethe post goes out. Of course, theseservices come at a cost; for smallerlenders, hiring a social media managermight be the way to go.
Don’t forget to engage!Compliance is ever-changing in themortgage industry, but mortgage pro-fessionals can successfully use socialmedia and stay compliant, as well. Ittakes effort and planning, but stayingahead of what the auditors look forwill benefit everyone in the long run.
However, there is a critical piece tothe social media puzzle that too oftengoes missing: engagement. Creating asocial media policy and sharing com-pliant content are just tools to helploan officers have online conversationswith people. After all, you can createall the policies you want, but if loanofficers aren’t actively engaging poten-tial borrowers online, what’s the point?
In my view, loan officers as a wholecould be much more proactive onsocial media. Find people who havequestions about the mortgage processand help answer them (and don’t justsell to them!). Become a resource tothose who need help with a specifictype of financing, such as VA or 203kloans. Join in conversations with oth-ers, be a real person and have fun.That’s when you’ll start to see a returnon your investment. After all, compli-ance can keep you safe on socialmedia, but only engagement will bringyou success.
Maureen Cioni is social media managerfor Danvers, Mass.-based MortgageNetwork. A marketing and communica-tions expert with 19 years of experiencein the mortgage industry, Cioni isresponsible for promoting MortgageNetwork through social media, as wellas providing social media training forloan officers and expanding the compa-ny’s Web presence. She can be reachedby e-mail at [email protected].
“When using Facebook, Twitter, LinkedIn or any other socialmedia platform, mortgage companies and loan officers needto walk a fine line between what is compliant and true socialengagement.”
A Happy Medium: Three Steps toStaying Compliant on Social Media
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