As of November 1, 2009, Compliance is Mandatory for All Mortgage Entities
Effective January 1, 2008, Sections 114 and 315 of the Fair and Accurate Credit Transactions (FACT) Act – also known as the Red Flags Rule – were implemented. The new Red Flags Rule requires financial institutions and creditors–namely mortgage lenders and brokers–to establish and maintain an identity theft prevention program. Compliance is mandatory for all mortgage entities as of November 1, 2009.
The Red Flags Rule requires you to implement an identity theft prevention program, a “written program to detect, prevent, and mitigate identity theft in connection with the opening of a covered account or any existing covered account.” The federal government has enacted a strong enforcement policy for this and other regulations, sending out teams to perform compliance audits of mortgage brokers and lenders. Fines and penalties for non-compliance are severe. Find out what the new rule means to you and how our Red Flag Solution can help you comply with the new regulations quickly and easily.
Learn more about the Red Flag Rule, what your identity theft prevention program should include and how we can help you achieve your compliance requirements.
Our comprehensive Red Flag Solution meets or exceeds Sections 114 and 315 of the Fair and Accurate Credit Transactions (FACT) Act, and includes:
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