Mortgage broker fact act compliance red flags form

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FACTA Red Flags - Mortgage-Specific ID Theft and Information Security Plans

The Gramm-Leach-Bliley Act requires that all companies handling private consumer information secure that information. In addition, a Red Flag ID Theft detection plan in place. We provide the Red Flag Plan, but also provide an information security plan and an employee training plan to make complying with the law simple. Many states also require proof that lenders have an information security plan in place.

This is the ONLY mortgage specific FACTA Red Flags plan in the market.

FTC Safeguarding, FCRA and FACTA Information Security Plan

In addition to ID Theft Red Flags, you must act to protect customer private information​. To do this you need an Information Security Plan which identifies how you transmit and retain data, how you interact with vendors who may get access to that data, how you prevent a breach, what to do if you have a breach, and how you mitigate disasters.

Red Flag Elements

• FACTA Required Plan
• Specific to the Mortgage Industry
• Employee Training Program Included
• Working with Vendors
• Safeguarding Private (non-public) Data
• Red Flags in Origination
• Working with Borrowers
• Red Flags in Processing
• Closing/Funding Red Flags
• Servicing Red Flags
• Reporting

IT Security Plan Components

• Office Security
• Vendor Approval
• Data Destruction
• Access Policies
• Remote Devices
• Password
• Data Transmission
• Breach Remediation
• Disaster Recovery/Business Continuity