Informative Research has added a sample “Policies and Procedures” to its Broker Red Flags Toolkit to facilitate compliance with Red Flags Rules. With the final deadline extension to Aug. 1 fast approaching, mortgage brokers can accelerate their compliance process by following the example offered in the Toolkit. Also included in the Toolkit are summaries of the regulation itself, background information from the FTC, and a step-by-step checklist--specific to brokers--for getting through the process with a comprehensive ‘detection, prevention and mitigation’ program.
For brokers who do not service loans, the scope of identity theft procedures is more narrow than for that of a traditional lender. However, all brokers large and small must create and document their own program and the sample policies and procedures will get them started.
As part of its suite of Fraud and Compliance solutions, Information Research also offers mortgage-specific ID theft solutions including fraud alerts, direct to the SSA social security verification, as well as its own Red Flags Risk Addendum to the credit report. Informative’s Red Flags Risk Platform is the only product of its kind, specific to the mortgage industry, that allows originators the option of customizing their own risk procedures and prioritizes the fraud indicators mapped directly to the FACTA guidelines.
For more information, visit www.informativeresearch.com.