NAMB Names Red Flag Rules Preferred Provider

Posted by Orb Staff on April 17, 2009 No Comments
Categories : Residential Mortgage

tional Association of Mortgage Brokers (NAMB) has named Majestic Security, an identity theft protection and restoration services provider, as preferred provider of the FACTA Red Flag Rules Compliance Module. Mortgage brokers are explicitly required to comply under Federal Trade Commission (FTC) enforcement with Red Flags Rules as part of the 2003 Fair and Accurate Credit Transactions Act (FACTA). The final rules require financial and credit institutions that hold any consumer account, or other account for which there is a reasonably foreseeable risk of identity theft, to develop and implement an identity theft prevention program. The program must include reasonable policies and procedures for detecting, preventing and mitigating identity theft and enable a financial institution or creditor to identify relevant patterns, practices and specific forms of activity that are ‘red flags’ signaling possible identity theft and incorporate those red flags into the program; detect red flags that have been incorporated into the program; respond appropriately to any red flags that are detected to prevent and mitigate identity theft; and ensure the program is updated periodically to reflect changes in risks from identity theft. "Earning NAMB's vote of confidence is a high watermark for Majestic Security and allows our firm to help brokers avoid enormous business risks related to identity protection," says Majestic Security CEO Jim De Geronimo. SOURCE: Majestic S

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