Loan Modification

May 1 Deadline for 'Red Flag' Compliance

By Implode-Explode Heavy Industries

"On May 1, 2009, mortgage brokers are required to be in compliance with the Identity Theft Red Flags and Address Discrepancies Final Rule (Red Flags Rule) under the FACT Act.

The rule requires mortgage brokers to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with certain financial accounts. Also required is identity theft detection training for employees including processors, loan officers, and sales managers..."

Additional info can be found here.

Full post as published by Mortgage Lender Implode-o-Meter on April 30, 2009 (boomark / email).