NAMB regulatory update: Implementation of the Red Flags Rule is around the corner!

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. 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. After careful evaluation of numerous companies providing tools for the written Identity Theft Prevention Program and employee training modules, NAMB has partnered with two separate compliance providers to offer the most beneficial options for NAMB members. Each vendor has its advantages for members of varying size and complexity. Click here for more information on becoming compliant today! For more information, visit NAMB.org.