The following is an excerpt from the article Consumer Privacy Will Dominate Future Headlines, which appeared in National Mortgage News. Click here to read the full article.
Mortgage lenders collect a lot of data on consumers, directly and indirectly, and typically use many systems that talk to each other passing the data back and forth using APIs (application programming interface). Whether regarded as a “fintech” or “old-school,” lenders are relying on these technologies and leveraging data to make better decisions across the organization.
With California’s recent privacy law enacted, the California Consumer Privacy Act (CCPA), businesses will now have to provide notice to consumers about what data is collected, how it is collected, and allow consumers the ability to request their data not be sold, or even be deleted if it is not in conflict with another law. This was a momentous privacy law passed by a state, and, in all likelihood, the first of many which will affect the way our industry does business.
Access this article to read more about CCPA and consumer privacy.