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"Change is coming for real estate 
tech: CFPB predictions" 
! 
Chris Hacker, 
Co-Founder, General Counsel & Director of 
P...
Chris Hacker 
@myShortTrack
FinTech meets RETech
Lending and Regulation 
The Dodd‐Frank Act & the CFPB have 
placed increased emphasis on a lender’s 
responsibilities for ...
Third Party Service Providers 
The long tail of the CFPB extends to 
third‐party service providers : 
Title Insurance Comp...
Title Companies 
Top areas of concern: 
• Closing Disclosure Form 
Replaces HUD‐1 in non‐commercial financed purchase 
• T...
Data Security vs. Process Security 
Data Security: 
• Cloud 
• SOC II 
• ISO 
Process Security = Regulatory Compliance 
• ...
Securing NPPI 
NPPI: Non‐public personal information 
Private 
Secure 
Minimizing 
Human Error 
Secret 
Encrypt at REST 
E...
Making the Cloud Secure 
How do you make the Cloud Secure? 
Encrypt Everything
Solution for RE/FinTech 
Cloud 
Interoperable cloud platforms 
Needed to stay compliant 
Email will still be dominant for ...
The Future of Real Estate closings 
Application Solution: 
• Use cloud to collaborate in a role based transaction 
• Use a...
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Cloudcamp Chicago Nov 2104 Fintech - Chris Hacker’s "Change is coming for real estate tech: CFPB predictions”

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CloudCamp Chicago Nov 2014 "Fintech" theme. Hosted by TechNexus and CohesiveFT

Lightning talk "Change is coming for real estate tech: CFPB predictions” - from Chris Hacker, Co-founder, General Counsel & Director of Product Development at ShortTrack

Published in: Technology
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Cloudcamp Chicago Nov 2104 Fintech - Chris Hacker’s "Change is coming for real estate tech: CFPB predictions”

  1. 1. "Change is coming for real estate tech: CFPB predictions" ! Chris Hacker, Co-Founder, General Counsel & Director of Product Development at ShortTrack ! Tweet: @myshorttrack #cloudcamp Sponsored by Hosted by #cloudcamp @CloudCamp_CHI
  2. 2. Chris Hacker @myShortTrack
  3. 3. FinTech meets RETech
  4. 4. Lending and Regulation The Dodd‐Frank Act & the CFPB have placed increased emphasis on a lender’s responsibilities for ensuring that third‐party vendors are complying with consumer financial laws to avoid consumer harm.
  5. 5. Third Party Service Providers The long tail of the CFPB extends to third‐party service providers : Title Insurance Companies Real Estate Attorneys Real Estate Agents even Inspectors… Processes and controls need to be in place to maintain compliance.
  6. 6. Title Companies Top areas of concern: • Closing Disclosure Form Replaces HUD‐1 in non‐commercial financed purchase • Three/”Seven” Day Rule: waiting period after the final disclosure is received by the consumer. Increased liability for accuracy: Title needs to work with lenders early and often for final numbers and approvals
  7. 7. Data Security vs. Process Security Data Security: • Cloud • SOC II • ISO Process Security = Regulatory Compliance • Consumer Financial Protection Bureau (CFPB) • Federal Deposit Insurance Corporation (FDIC) • Federal Reserve Bank (Fed) • National Credit Union Administration (NCUA) • Office of the Comptroller of the Currency (OCC) • State (ex: Office of Financial Regulation)
  8. 8. Securing NPPI NPPI: Non‐public personal information Private Secure Minimizing Human Error Secret Encrypt at REST Encrypt at transfer ‐ SSL Automate recognition of NPPI ‐ “Sniffer”
  9. 9. Making the Cloud Secure How do you make the Cloud Secure? Encrypt Everything
  10. 10. Solution for RE/FinTech Cloud Interoperable cloud platforms Needed to stay compliant Email will still be dominant for the foreseeable future, so start with a notification system Paperless closings are the future…
  11. 11. The Future of Real Estate closings Application Solution: • Use cloud to collaborate in a role based transaction • Use a robust & secure notification system • Secure document storage and sharing • Manual and auto encryption options Database Solution: • Field by field data encryption • Share data securely with out removing encryption

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