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Meet FACTA red flags requirements head-on with Informative Research’s new Red Flags Risk Platform

National Mortgage Professional
Mar 24, 2014

Meet FACTA red flags requirements head-on with Informative Research’s new Red Flags Risk Platform MortgagePress.comInformative Research, Red Flags Risk Platform, credit report, FACTA Red Flags compliance

Informative Research has announced its Red Flags Risk Platform (RFRP), a core credit report add-on designed to help brokers and lenders meet the FACTA Red Flags compliance requirements to detect, prevent and mitigate ID fraud.

With compliance for lenders past due (Nov. 1, 2008) and broker compliance required May 1, 2009, Informative's Red Flags report offers rapid adoption either as an "off the shelf" credit report addendum or in a "customized" format to specifically reinforce originators' existing policies and procedures.

RFRP uses the full breadth of fraud alerts from the three credit bureaus plus all standard credit data to yield an expanded set of prioritized, mortgage-centric risk alerts. The report addendum then spells out valuable clarifications, risk explanations, suggested actions, secondary products and trace data (additional names, address and social security numbers). Most critically, it prioritizes any suspicious information that might indicate fraud and maps triggered alerts specifically to the FACTA guidelines.

Tapping 63 years of mortgage credit industry experience, Informative Research engineered RFRP to minimize the costs (or loan rejections) caused by unnecessary over-reaction to "false positives" common in other non-mortgage identity tools in the market. Further, Informatives Red Flags tool is the only one of its kind that allows originators the option of customizing their own risk procedures for FACTA compliance.

RFRP's "Suggested Actions" section can be fully customized (and hosted) with direct links built for secondary products (such as social security verification, or social traces) or to simply refer issues for escalated effort. RFRP's risk level thresholds and alerts can also be modified to meet the unique sensitivities and choices of the originator.

According to Tony DEccliss, senior vice president of sales at Informative Research, "Our Red Flags Risk Platform is unique in delivering both a jump start and a ongoing core solution toward FACTA compliance. Our customers are finding it invaluable in meeting the issues and Red Flags policy and procedure hurdles."

RFRP is designed as a core solution to any mortgage originators Red Flags compliance program. For more product information, click here.

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Mar 24, 2014