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Red Flags Mortgage Compliance

Red Flags Mortgage Compliance

Who must comply with FACTA Red Flags?

If you are a lender, broker, bank, credit union, or creditor, you must have an Identity Theft Prevention Program in place.

What is an Identity Theft Prevention Program and how do I implement it?

An Identity Theft Prevention Program must be a written plan that your company follows in the course of identifying potential red flags. Implementation includes having the printed policy and procedure as well as training all employees involved in the origination process (processors, underwriters, loan officers, etc).

What should be included in a Red Flags policy and procedure?

The requirements are:
1: List your companies "red flags".
2: Identify how to detect red flags.
3: Prevent and mitigate identity theft with an appropriate response.
4: Update your Red Flags policy as needed.

How can Mortgage Educators & Compliance help with my Red Flags policy and procedure?

Mortgage Educators & Compliance has a highly trained compliance department that will customize a Red Flags policy and procedure to your companies needs. To order your customized Red Flags policy manual

For Frequently Asked Questions regarding the Red Flags Rule, please visit the FTC's website