After being delayed several times, the "Identity Theft Red Flags and Address Discrepancies" Final Rule (Red Flags Rule) will take effect Nov. 1, 2009. Time is running out for you to become compliant! 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.Read more

You may have seen the latest press releases indicating that the Federal Trade Commission’s (FTC) Red Flag Rule enforcement is now set to begin on Nov. 1, 2009. For those who have been following closely, you are also probably aware that all brokers were supposed to be compliant with the rules as of Nov. 1 of last year. While it may seem like this affords you additional time to get compliant, it was only the enforcement date that was pushed back. That means that you still need to act quickly if you have yet to get your plan in place.Read more

The Federal Trade Commission (FTC) deadline for Red Flags Rules compliance has been extended once again until Sunday, Nov. 1. While you are probably aware that you have responsibilities under this legislation, chances are and especially if you’re reading this, you don’t know exactly what your responsibilities are, and/or you have not yet done anything about them. At the same time, you may be asking yourself, “Do I really need to?”

The short answer is yes, you need to do something, and the reasons are:Read more