Mortgage originators looking to market on social media have to be concerned about more than just the legal and regulatory risks.
There is a very realistic possibility your reputation could be at stake.
Those who do not like you have the opportunity to hijack something which is intended to portray your business in a positive light. And there may be nothing you can do about it.
Case in point: The New York Police Department recently introduced a twitter hashtag, #myNYPD, looking to get people to post pictures of people positively interacting with police officers. (Disclosure time: I have a number of family members and close friends who are current or retired NYPD officers; I, along with another family member, also have a civilian affiliation with the NYPD.)
However, what happened is that people who are NYPD critics took advantage of the situation and posted photographs of incidents between the department and civilians.
The early reaction in the mass media said NYPD had a big social media failure. But the hashtag remains available for use.
Police departments have always come under a certain amount of criticism and that may be why the NYPD has a low key reaction.
But mortgage lenders should be more proactive in defending their reputation. They need to monitor their social media postings and pages for negative comments and make appropriate responses. A game plan needs to be developed to handle each type of situation.
You cannot stop the negative posts. But with the proper response, the damage can be mitigated.