In this digital economy, trust has taken on new dimensions that impact how real estate professionals collect, share, and most importantly, protect the information they use in their businesses. NAR recommends five steps to help keep data safe.
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It is important for you to know which data security and privacy laws affect your business. Most states have enacted laws that require all businesses to keep personal information secure and to notify individuals in the event that security is breached. Real estate commissions in some states have enacted regulations pertaining to data security and document retention.
On Sept. 20, 2012, The Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) proposed adjustments to the Guarantee fees charged by Fannie Mae and Freddie Mac for individual states where the GSEs estimated longer timelines and higher costs for completing foreclosures.
Earlier this year, the Federal Housing Finance Agency (FHFA, the conservator of Fannie Mae and Freddie Mac (the GSEs) released a white paper on the creation of a common secondary market securitization platform to begin the process of GSE Reform.
On Dec. 17, 2012, FEMA is launching the Online Letter of Map Change (LOMC) - a new way to submit a request to change a property’s flood zone designation.