Red Flags FTC enforcement has been set for November 1, 2009
but Red Flag Compliance for Mortgage Brokers and others who
qualify are in effect NOW under the Red Flag Rules.
Mortgage Brokers and Lenders come under the "Creditor"
and "Covered Accounts" categories.
"FACTA’s definition of “creditor” applies to any entity that regularly extends or renews credit – or arranges for others to do so – and includes all entities that regularly permit deferred payments for goods or services."
"Some examples of creditors are finance companies; automobile dealers that provide or arrange financing; mortgage brokers..."
Federal Trade Commission Website
IF YOU THINK THIS IS A "MINOR" ISSUE...GUESS AGAIN
Mortgage Lender Will Pay $50,000 Civil Penalty for Violating FCRA Disposal Rule (December 18, 2007)
Mortgage Servicers Agree to Pay $28 Million to Settle FTC Charges, Including Failure to Report Consumer Disputes to Credit Bureaus as Required by the FCRA (September 9, 2008)
FTC Charges Mortgage Broker With Violations of FCRA and Disposal Rule, Seeks Monetary Civil Penalties (December 30, 2008)
Mortgage Lender Pays $20,000 to Settle FTC Charges That Its Prescreened Loan Offers Lacked Proper Opt-Out Notice (08/18/2009)
PERHAPS THESE STORIES WILL CONVINCE YOU...
THE FTC IS WATCHING AND THEY ARE HANDING OUT FINES
Failure of Mortgage Brokers to Comply with Red Flag Rules
can leave the Broker open to Civil Litigation which may extend
to Class Action...and the Broker will Still Have to Become Compliant
(and, perhaps be subjected to Monthly Audit of continued Compliance).
HOW CAN I BECOME RED FLAGS COMPLIANT?
You should go to this Website and see about the Services
You are Invited to Attend one of the Red Flags Webinars
The Webinars are for Referral Partners of the Service
however, it is an open Q&A and you may attend...
Bring Your Questions...
To Register for the Webinar Tuesday September 1, 2009
Tue, Sep 1, 2009 8:30 PM - 9:30 PM EDT
GET STARTED NOW
Contact Us: GetCompliant@gmail.com
Friday, August 28, 2009
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