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Legal and Real Estate: CFPB

|Legal and Real Estate: CFPB
Legal and Real Estate: CFPB2016-01-27T22:35:55+00:00

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[av_heading heading=’Legal & Real Estate Compliance’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’50’ subheading_active=” subheading_size=’15’ padding=’10’ color=’custom-color-heading’ custom_font=’#ffffff’][/av_heading]
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[av_heading heading=’Sarbanes-Oxley’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ padding=’10’ color=” custom_font=”][/av_heading]

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The Sarbanes-Oxley (SOX) Act of 2002 legislates the manner and duration in which certain financial institutions’ data are secured and stored. The act places rigorous requirements on the security, accuracy and reliability of certain records. As a result, data security and storage becomes vitally important because the records of transactions must be secure. The Corporate and Criminal Fraud Accountability aspects of SOX require a broad range of corporate documents be retained for five years and failure to produce certain documents during an audit is subject to severe penalties.
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[av_heading heading=’Consumer Financial Protection Bureau (CFPB) Home Mortgage Disclosure Act (HMDA) ‘ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ padding=’30’ color=” custom_font=”][/av_heading]

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CFPB Home Mortgage Disclosure Act (HMDA) regulates how the NPI of a customer is stored. NPI is personally identifiable information such as information provided by a customer on a form or application, information about a customer’s transactions, or any other information about a customer which is otherwise unavailable to the general public.
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Social Security number, driver’s license number, state-issued ID number, credit/debit card/other financial account numbers; portable devices like laptops, netbooks, cell phones & similar portable devices; electronic media USB/Thumb drives, CDs, DVDs, memory cards, tapes, diskettes, & similar portable electronic media.
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[av_heading tag=’h3′ padding=’10’ heading=’Document Policies ‘ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Identify & Locate NPI’ link=” linktarget=” linkelement=” icon=’ue850′ font=’entypo-fontello’]
Any & all NPI in your company’s possession & control needs to be located & identified
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[av_iconlist_item title=’Document Everything’ link=” linktarget=” linkelement=” icon=’ue850′ font=’entypo-fontello’]
Document your company policies, processes & procedures for collection, storage, protection & disposal of NPI
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[av_heading tag=’h3′ padding=’10’ heading=’Physical Security’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Adopt a Clean Desk Policy’ link=” linktarget=” linkelement=” icon=’ue868′ font=’entypo-fontello’]
Do this to ensure NPI is not inadvertently disclosed – Employees should close files containing NPI when away from their desks
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[av_iconlist_item title=’Lock Down Files at the End of the Day’ link=” linktarget=” linkelement=” icon=’ue868′ font=’entypo-fontello’]
Lock all documents, portable devices & electronic media containing NPI in a desk, file cabinet or secure room overnight.
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[av_iconlist_item title=’Don’t Leave Anything in a Vehicle’ link=” linktarget=” linkelement=” icon=’ue868′ font=’entypo-fontello’]
Never leave documents, portable devices or electronic media containing NPI in an unlocked vehicle or where they are visible from outside the vehicle.
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[av_iconlist_item title=’Don’t Leave Anything in a Common Area’ link=” linktarget=” linkelement=” icon=’ue868′ font=’entypo-fontello’]
Never leave any item containing NPI in a hotel room, conference room, reception area or any other location that can be accessed by others.
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[av_heading tag=’h3′ padding=’10’ heading=’Regular Mail Fixing & Sending’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Make Sure Mail is Sealed’ link=” linktarget=” linkelement=” icon=’ue8b7′ font=’entypo-fontello’]
Always use sealed envelopes to send NPI via inter-office mail.
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[av_iconlist_item title=’Use Registered Mail Services’ link=” linktarget=” linkelement=” icon=’ue8b7′ font=’entypo-fontello’]
Such as FedEx or UPS to send NPI to external parties – Use the signature services of FedEx & UPS to require a recipient signature, either at the place of delivery or at a package pickup location.
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[av_iconlist_item title=’Never Use Public Fax Machines’ link=” linktarget=” linkelement=” icon=’ue8b7′ font=’entypo-fontello’]
Never send faxes containing NPI to public fax machines.
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[av_iconlist_item title=’Follow Up’ link=” linktarget=” linkelement=” icon=’ue8b7′ font=’entypo-fontello’]
To ensure documents containing NPI safely reached their destination.
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[av_heading tag=’h3′ padding=’10’ heading=’Electronic Security’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Restrict Access’ link=” linktarget=” linkelement=” icon=’ue8d0′ font=’entypo-fontello’]
Restrict access to NPI to employees who have a legitimate business need to access that information.
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[av_iconlist_item title=’Maintain Tight Controls’ link=” linktarget=” linkelement=” icon=’ue8d0′ font=’entypo-fontello’]
Maintain tight controls over user login & password credentials &, if possible, disable access after unsuccessful login attempts.
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[av_iconlist_item title=’Block Terminated Users’ link=” linktarget=” linkelement=” icon=’ue8d0′ font=’entypo-fontello’]
Immediately change passwords & block access when users are terminated.
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[av_iconlist_item title=’Encrypt Emails’ link=” linktarget=” linkelement=” icon=’ue8d0′ font=’entypo-fontello’]
Do not send E-Mail that contains NPI in the body text or subject line – Instead, omit or obscure the NPI (Especially when replying or forwarding messages)
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[av_iconlist_item title=’Keep E-Mail Folder Clean of Old Messages’ link=” linktarget=” linkelement=” icon=’ue8d0′ font=’entypo-fontello’]
Delete older, unnecessary E-Mail to reduce exposure of a computer is lost or stolen.
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[av_heading tag=’h3′ padding=’10’ heading=’Websites’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Encryption Must be Enabled’ link=” linktarget=” linkelement=” icon=’ue8ba’ font=’entypo-fontello’]
SSL/TLS must be enabled for any Website that collects NPI – Check for the padlock icon at the bottom right of the browser window or look for “https” instead of “http” in the address bar.
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[av_iconlist_item title=’Never Enter a Website You Don’t Trust’ link=” linktarget=” linkelement=” icon=’ue8ba’ font=’entypo-fontello’]
Always check the address bar to ensure that you have not been directed to a look-a-like Website.
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[av_iconlist_item title=’Don’t Use Public File Stores/Transfer Utilities’ link=” linktarget=” linkelement=” icon=’ue8ba’ font=’entypo-fontello’]
Such as LeapFILE, FindMyFile, SendSpace, etc., for any files containing NPI.
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[av_iconlist_item title=’If You’re Unsure – The Answer is “No”‘ link=” linktarget=” linkelement=” icon=’ue8ba’ font=’entypo-fontello’]
Respond NO whenever you are asked to update or load software on your computer, unless you have been informed by your IT Department that it is safe to do so.
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[av_heading tag=’h3′ padding=’10’ heading=’File Servers’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Secure Everything’ link=” linktarget=” linkelement=” icon=’ue851′ font=’entypo-fontello’]
Physically secure all servers in a locked room with limited & controlled access. 
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[av_iconlist_item title=’Limit Access’ link=” linktarget=” linkelement=” icon=’ue851′ font=’entypo-fontello’]
To directories, file shares, databases & critical applications containing NPI to only those persons who require access for legitimate business purposes.
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[av_iconlist_item title=’Never use Publicly Accessible File Shares’ link=” linktarget=” linkelement=” icon=’ue851′ font=’entypo-fontello’]
Never store NPI on Publicly Accessible File Shares
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[av_iconlist_item title=’Have Encrypted Backups’ link=” linktarget=” linkelement=” icon=’ue851′ font=’entypo-fontello’]
Ensure that server backups are encrypted & taken offsite by an approved tape storage vendor.
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[av_heading tag=’h3′ padding=’10’ heading=’Personal Computers’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Log Off & Lock’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Always log off & lock your computer screen when you will be away from the computer for more than 5 minutes.
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[av_iconlist_item title=’Use Strong Passwords’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
8+ characters including numbers, symbols, upper & lowercase letter & require frequent password updates
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[av_iconlist_item title=’Never Share Login/Password Information’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Never share your user login & password information – change your password immediately if you think someone has discovered it.
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[av_iconlist_item title=’Encrypt All Laptops’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Have IT do this
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[av_iconlist_item title=’Keep Database Files Off of Personal Computers’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Never load them or other applications, such as title production software, on personal computers.
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[av_iconlist_item title=’Keep Updated’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Keep virus protection & security patches updated.
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[av_iconlist_item title=’Backup Regularly ‘ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Backup important electronic files regularly.
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[av_iconlist_item title=’Have Encrypted Backups’ link=” linktarget=” linkelement=” icon=’ue821′ font=’entypo-fontello’]
Ensure backups are encrypted.
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[av_heading tag=’h3′ padding=’10’ heading=’Disposal’ color=” style=” custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=”][/av_heading]

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[av_iconlist_item title=’Wipe Everything Before Disposal’ link=” linktarget=” linkelement=” icon=’ue847′ font=’entypo-fontello’]
Wipe all hard drives & other electronic media before disposal, donation, or transfer to any unauthorized third party company
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[av_iconlist_item title=’Shred Documents Before Disposal’ link=” linktarget=” linkelement=” icon=’ue847′ font=’entypo-fontello’]
Shred all documents containing NPI instead of throwing them in a trash/recycling bin – use a cross-cut or “confetti” shredder. 
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[av_iconlist_item title=’Dispose of Unnecessary Things ASAP’ link=” linktarget=” linkelement=” icon=’ue847′ font=’entypo-fontello’]
Unnecessary documentation received from lenders, realtors, customers, or other as soon as legally allowable.
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[av_heading heading=’Disclosures’ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ padding=’30’ color=” custom_font=”][/av_heading]

[av_icon_box position=’left_content’ boxed=” icon=’ue82a’ font=’entypo-fontello’ title=’If NPI is Lost/Disclosed’ link=” linktarget=” linkelement=” font_color=” custom_title=” custom_content=” color=” custom_bg=” custom_font=” custom_border=”]
In the event that NPI is lost or potentially disclosed to an unauthorized 3rd Party, immediately contact your supervisor, information security or legal personnel.
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[av_heading heading=’Caveat ‘ tag=’h3′ style=’blockquote modern-quote modern-centered’ size=’30’ subheading_active=” subheading_size=’15’ padding=’30’ color=” custom_font=”][/av_heading]

[av_icon_box position=’left_content’ boxed=” icon=’ue829′ font=’entypo-fontello’ title=’Please Seek the Advice of Council’ link=” linktarget=” linkelement=” font_color=” custom_title=” custom_content=” color=” custom_bg=” custom_font=” custom_border=”]
These guidelines describe practices that should be implemented within each title company to ensure security in real estate transactions. They are not intended to be a substitute for legal advice. State laws & regulations vary.
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