Time’s Up - No More Extentions!

As a Mortgage Professional, you’ll recall back in November 2007, the U.S. Federal Trade Commission (FTC) established a set of rules for regulating access to private information in an attempt to help STOP Identity Theft. These rules target several industries, naturally ours is one of them … it’s all about ‘Red Flags’.

What is a Red Flag? A Red Flag can be any pattern, practice or activity that triggers the suspicion that identity theft may have occurred.

On November 1, 2008, those companies who were required to comply, must be in full compliance with the Fair and Accurate Credit Transactions Act (FACT Act) Identity Theft Red Flag (FACT Act Section 114) and Address Discrepancy (FACT Act Sections 114 and 315) rulings. As it turned out, the FTC has extended the deadline to May 1, 2009 … so you better get written!

Have you developed a written program that identifies and detects the relevant warning signs - or “red flags” - of identity theft? If not, Get With It!

This is one of those things I have spoken about in the past. If you’re a mortgage broker running your own shop, it’s way past time for you to mature in business, and finally realize there’s a lot more to it than making bank deposits - it ain’t all about sales! Stuff like this is vital to operating a proper full-fledged business … read all the fine print about your requirements HERE.

Wondering where to keep that written policy of yours? If you still make the mistake and permit customer information/files, etc. to be taken home by any of your personnel, then you could keep it in the same three ring binder as your written company policy in compliance with The Financial Modernization Act of 1999 (also known as the Gramm-Leach-Bliley Act); the specific detailed obligations you have on this are located HERE.

Article by Peter Samuel Cugno, Chairman & CEO of Secret! University, the educational division of Americas Money Center, Inc. with 40+ years experience in the subprime industry niche; today an industry Teacher/Mentor.

Questions or comments may be directed to Peter 310-833-4068 or online at: http://www.americasmoneycenter.com