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Calyx software implements new FHA loan document s in Point 6.2

National Mortgage Professional
Sep 19, 2008

iDbusiness launches red flag compliance moduleMortgagePress.cominformation security, red flag compliance module, identity theft idBUSINESS, a provider of information security solutions for small- to medium-sized businesses, announced today the launch of the Red Flag Compliance Module. The Red Flag Compliance Module lets mortgage companies meet the requirements of the Red Flag Rules that amend the Fair and Accurate Credit Transactions Act of 2003. What makes the idBUSINESS approach to Red Flag Compliance unique is that the product is built to meet the specific needs of the mortgage industry in this challenging market. idBUSINESS CEO Scott Brooks and President Scott Sax are both mortgage professionals who have experienced firsthand the challenges and opportunities in today's market. Says Brooks, "A mortgage banker or broker is facing about 20 serious challenges to his business every day, one of which is Red Flag compliance. With the Compliance Module, we created a simple tool that achieves compliance first, but second, gives you a tool to build your business in a tough market." The Red Flag Compliance Module is built on the real-world forensic experience of information security expert Bryan Thornton. By integrating experience gained from field work with banks and mortgage companies, the Module goes beyond the 26 identity theft "Red Flags" outlined by the legislation, providing customers with 37 potential signs of identity theft. The larger number of triggers does not mean a larger amount of work. An average user going through the Red Flag Compliance Module can begin meeting the requirements of the law within one hour. Upon satisfying the requirements, the user is able to download their custom Red Flag Compliance plan. The Red Flag Compliance Module integrates that plan into the day-to-day job functions of a mortgage companys employees, by bundling each Compliance Module with up to 10 individual identity theft recovery plans. According to the FTC, an identity theft victim spends an average of 130 hours resolving their case - with the vast majority of those hours coming between nine and five, giving the business owner a more productive staff that is also more actively engaged in the risks presented by identity theft. Says Thornton, "The Red Flag Rules want a mortgage business to eliminate the triggers that signal identity theft. The Compliance Module integrates the elimination of those triggers into every employee's job. When a customer sees a loan officer going the second mile to ensure that the information in an application is kept safe, that's a competitive advantage that helps you close more loans. And when that L.O. puts proper due diligence into each application, your underwriter is happy too." For more information, visit www.idbusiness.com.
Published
Sep 19, 2008
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