On December 31, 2010 Federal Trade Commission (FTC) began enforcement of the the "Identity Theft Red Flags & Address Discrepancies" Final Rule (Red Flags Rule) under the FACT Act. To view the FTC's statement, please click here.
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 Majestic Security, LLC and Microbilt, Inc to offer the most beneficial options for NAMB members. Each vendor has its advantages for members of varying size and complexity.
Click here to review both to determine which solution is right for your company.
Kentucky Association of Mortgage Professionals • P.O. Box 1641 • Owensboro, KY 42302 PH 270-929-2836 • FX 270-574-0005 • email@example.com