The FTC further stated that this rule is designed to reduce identity
theft by requiring organizations to “implement a written Identity Theft
Prevention Program designed to detect the warning signs – or ‘red flags’
– of identity theft in their day-to-day operations, take steps to
prevent the crime, and mitigate the damage it inflicts.” An
organization’s Identity Theft Prevention Program, also known as a Red
Flag Policy, must be appropriately tailored to its size, risks, and
complexity. To help mortgage brokers and lenders comply with the Red
Flags Rule, Mortgage Compliance Advisors announced the launch of its
succinct, customizable Red Flag Policy template.
Mortgage Compliance Advisors (MCA) is partnering with Hudson Cook, LLP,
to offer this template, The Mortgage Industry Guide to the Red Flags Rule.
The template contains required Red Flag policies and procedures, which
include: identifying and detecting red flags, preventing and mitigating
identity theft, and periodically updating the program. To create a
customized Red Flag Policy, clients may purchase the Do-it-yourself
template; or the client may provide MCA with basic information about the
organization, and MCA can fill out the policy template. In order to comply
with the Red Flags Rule, organizations must have the policy in place by
August 1, 2009.
For more information on the Red Flag Policy Template, visit
http://MortgageComplianceAdvisors.com/red_flag_rule.php?CampaignID=135
or call 877-226-3217
(For more information, visit
http://ftc.gov/bcp/edu/pubs/articles/art10.shtm
.
About Mortgage Compliance Advisors (MCA):
MCA has grown to help hundreds of clients nationwide in all aspects of
mortgage compliance needs. Whether mortgage brokers or lenders need help
implementing a Red Flag Policy, advice when applying for FHA Approval, or
auditing files for FHA quality control requirements, MCA can help.
Contact:
Sarah Adams –
Director of Marketing
Mortgage Compliance Advisors, LLC
5505 South 900 East, Suite 110 Salt Lake City, UT 84117
Phone: 877-226-3217– Fax: 801-264-0301
