Security and privacy are popular topics these days. In recent months, the American Land Title Association (ALTA) and the new TILA/RESPA Integrated Disclosure (TRID) Rule have emphasized the need for real estate professionals to provide a higher level of security for electronic communications related to real estate transactions. Specifically, in Pillar #3 of ALTA's "Pillars of Best Practices", ALTA states the importance of protecting sensitive data of clients and recommends using encryption to ensure security of non-public information (NPI).
The Consumer Financial Protection Bureau (CFPB) has also weighed in, making it clear that lenders must provide adequate safeguards when it comes to the electronic exchange of information with clients. Of most importance is protecting information, specifically NPI that is valuable to hackers and thieves alike, such as names, income information, Social Security numbers, addresses, and other private information. Here at SendSafely, we've pulled together some quick tips on how you can maintain compliance with these new standards.