Source: Walters Kluwer
To help mortgage lenders and brokers quickly comply with the Fair and Accurate Credit Transaction Act's new Red Flag Rules, Wolters Kluwer Financial Services has launched its new Red Flag Tool Kit for Mortgage.
The company has two separate versions of the Tool Kit, one for mortgage lenders and one for brokers, that help each take a fast, straightforward approach to developing and implementing their identity theft prevention programs required by the rules. The Tool Kits include:
* Streamlined Red Flag Rules policy development through the company's PRINGLE® Policies & Audit Procedures software, which includes a sample Red Flags policy that lenders and brokers can tailor to their own specific requirements;
* Specially designed Red Flags forms and checklists for assessing the impact and risk related to the new requirements, as well as tracking Red Flag responses; and
* Employee training for mortgage lenders via an instructional video and a self-directed learning module from Wolters Kluwer Financial Services' online training library.
The Federal Trade Commission has delayed enforcing the Red Flag Rules until May 1, 2009 to give mortgage lenders and brokers enough time to comply with the requirements. Though the FTC's deadline is only a few months away, Wolters Kluwer Financial Services' Red Flag Tool Kit for Mortgage can help lenders and broker ensure they meet it.
"The Tool Kit gives them the essentials they need to help ensure they comply quickly with the requirements in one cost-effective package," said Jason Marx, vice president and general manager, Mortgage, Wolters Kluwer Financial Services. "They'll also be confident that each solution in the Tool kit is built upon the more than 50 years of regulatory expertise and experience behind Wolters Kluwer Financial Services and its Bankers Systems and VMP Mortgage Solutions brands."