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Insider Viewpoints by Roy DeLoach, Chief Executive Officer, NAMB By May 1, 2009, mortgage brokers are required to be in compliance with the Identity Theft Red Flags & Address Discrepancies Final Rule (Red Flags Rule) under the FACT Act. The Red Flags Rule requires you to have a written Identity Theft Prevention Program implemented in your office, as well as provide identity theft detection training for your employees. NAMB Summary – Red Flag Rule |
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by John T. Bauer, First American CREDCO John T. Bauer is First American CREDCO’s executive vice president of business development, sales and marketing for the company’s mortgage business unit. Without question, the issue of loan modifications is top of mind among servicers and consumers alike, especially since the March 4, 2009 announcement from the U.S. Department of Treasury regarding the new Home Affordable Modification Program. |
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By Brad Kelso
Why should brokers care about Red Flags compliance? Brokers’ compliance is mandated by Federal laws (The Fair and Accurate Credit Transactions Act – FACTA ) and FCRA. These laws are enforced by the FTC for brokers. The laws attempt to ensure better consumer protection from identity theft and private information misuse. More importantly, scrutiny on loan fraud and quality overall (especially any losses due to negligence) make the Red Flags’ requirements to “Detect, Prevent and Mitigate” more than just a “drive-by” procedure. Compliance success or failure will legitimately influence the viability of any loan originator. |
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