Skip to main content

Amherst Securities Group hires experienced mortgage sales team to bolsters its midwest presence

May 04, 2009

FTC postpones Red Flag Rule implementation: Effective date now Aug. 1MortgagePress.comFTC, red flags rules, NAMB, identitiy theft, Identity Theft Red Flags and Address Discrepancies The Federal Trade Commission (FTC) has issued a statement further delaying enforcement of the the "Identity Theft Red Flags & Address Discrepancies" Final Rule (Red Flags Rule) under the FACT Act. The new effective date is scheduled for Aug. 1, 2009. 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. The guidelines accompanying the final rule are designed to assist financial institutions and creditors in formulating and maintaining a program that satisfies the requirements of the new rule. The Red Flags Rule requires companies to: 1. Develop a written program to detect and respond to potential ID theft. Red Flag Rule detection programs should be appropriate to your company. They can be complex customized solutions or simplistic templates, but must be complete in scope and adhered to by your company. Detection of identity theft can be accomplished through 3rd-party solutions. 2. Train employees on detection. You must train employees who are in a position to detect ID theft. This may be processors, loan officers, sales managers, and more, depending on your operation. Your plan will address this. 3. Update and review your program annually. The written program must be approved by your leadership annually. For more information on the FTC's Red Flags Rules, click here.
About the author
Published
May 04, 2009
Co-Founder Mat Grella Terminated From NEXA

NEXA CEO Kortas states negotiations regarding the buyout will continue.

Mar 27, 2024
Comings And Goings At AmeriHome

Chief Operating Officer John Hedlund announced his retirement on Thursday in a LinkedIn post.

Mar 22, 2024
Rocket's Tim Birkmeier To Retire

Birkmeier is bidding farewell after a 28-year career at Rocket Companies.

Mar 21, 2024
How NAR’s Settlement Impacts Homebuying

While the settlement's silver lining is that homes are expected to become more affordable, many uncertainties loom over the housing market.

Mar 19, 2024
NAR Reaches $418 Million Settlement

The association agreed to give home sellers the option of compensating agents.

Mar 15, 2024
U.S. Non-Bank Mortgage Lenders Surge Amid Industry Consolidation, Fitch Ratings Reports

As smaller players exit the market, scaled originators like UWM and PennyMac Financial dominate, but challenges persist with low origination volume and pressured margins amidst rising interest rates.

Mar 14, 2024