Katie BaileyInformation security is a critical part of every real estate transaction. From verifying identities to wiring funds, each step requires careful attention to compliance and data protection to safeguard members’ personal and financial information.
Title companies and settlement agents should take proactive steps to secure data, such as:
- Using secure email and portals for communication and document transfer.
- Verifying the identification of both borrowers and sellers to prevent fraud.
- Confirming wiring instructions for payoffs, seller proceeds, borrower funds, and realtor commissions.
- Maintaining compliance with FinCEN reporting requirements to help detect and deter potential money laundering activity.
If your title company doesn’t have an ALTA Best Practices policy or isn’t staying current on evolving standards, it could put your credit union and members at risk.
Your industry partner, Common Bond Title, helps credit unions stay compliant and protect member information by conducting every title and closing with security and peace of mind as the top priority.
In honor of International Credit Union Day, it is important to recognize that protecting members also means protecting their personal and financial information at every step of the process.
For more information, click here or contact a League Consultant at consult@myleverage.com or 855-9EXPERT (855-939-7378).
