Welcome to RERAC^TM the Real Estate Regulatory and Compliance Web Site developed by Hadlock Law Offices, P.C.  in association with VERTALIS, LLC.  RERAC is designed to be a comprehensive site for regulatory compliance and on-line training programs developed exclusively for the Real Estate Mortgage Industry.

All financial institutions including mortgage brokers and lenders are responsible for compliance with the provisions of Title V of the Gramm-Leach-Bliley Act Financial Modernization Act of 1999 which deals with Privacy and the Federal Trade Commission’s implementing regulation, 16 CFR 313, Privacy of Consumer Financial Information Rule.  The FTC has also issued further business guidance regarding a mortgage brokers obligations under the federally mandated requirements.

All financial institutions must be in compliance with the FTC’s Safeguards Rule, 16 CFR 314.  The rule requires financial institutions to institute safeguards to protect consumer financial information.  Each financial institution must develop, implement, and maintain a comprehensive security program that contains administrative, technical and physical safeguards appropriate to the institution’s size and complexity, the nature and scope of activities and the sensitivity of any customer information at issue.  The rule contains five elements, which the information security program must address.

Vendors who provide services to financial institutions often use or come into contact with confidential customer information as an integral part of their interaction with the financial institution.  As such it is very important that your vendors understand the privacy and safeguards rules.  Please inform your vendors that RERAC offers a comprehensive educational program specifically for them at a nominal subscription fee with a per user program fee.  At the end of the training the user will complete a test and upon successful completion, will receive a certificate as evidence of completion.