To help lenders and brokers comply with the Fair and Accurate Credit Transactions Act's new Red Flag Rules, Wolters Kluwer Financial Services has launched its new Red Flag Tool Kit for Mortgage. The Tool Kit assists lenders in developing and implementing identity theft prevention programs.
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, helps streamline Red Flag rules policy development. Wolters Kluwer Financial Services also offers 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. The company's online training library also includes an instructional video and a self-directed learning module to aid training efforts.
The Federal Trade Commission has delayed enforcing the Red Flag Rules until May 1 to give mortgage lenders and brokers enough time to comply with the requirements.
"The Tool Kit gives them the essentials they need to help ensure they comply quickly with the requirements in one cost-effective package," says 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."
SOURCE: Wolters Kluwer Financial Services