The following is an excerpt from the article Data Privacy for Mortgage Lenders: CCPA and Beyond, which appeared in The MReport. Click here to read the full article.
This year has wasted little time in disrupting data regulations—specifically with the introduction of the California Consumer Privacy Act (CCPA). For mortgage lenders that have any interaction with consumers in California, the legislation is creating a list of new compliance considerations. And with other state legislation in the works, many in the mortgage industry are trying to understand changes that they need to make now that will also support what is likely to come in the future.
Since CCPA’s initial rollout on January 1, mortgage lenders who conduct business with Californians have been trying to reach full compliance before enforcement actions are scheduled to begin on July 1. For most, working with a technology partner, especially a data-as-a-service (DaaS) company, can be monumental in navigating the ins and outs of the new compliance standards. Let’s take a look at some of the concerns related to CCPA compliance, as well as what mortgage lenders should keep in mind as privacy legislation spreads to other states.
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