ID Theft Protection - Red Flag Solutions with MRG Doc Tech
An
automated data integration between MRG's Miracle document preparation
system and Kroll's Factual ID test allows lenders to run an identity
risk assessment on each of their potential borrowers at the point of
initial disclosure, or at the time closing documents are ordered, or
both.
Through
this risk assessment tool, MRG provides lenders with an automated "out
of the box" solution for comprehensive identity theft detection, as
required by recent changes to the Fair and Accurate Credit Transactions
Act.
What do I need to do?
Under
these recent regulatory changes, lenders must now establish enterprise
level programs to detect and combat borrower identity theft,
instituting reasonable policies and procedures to:
- Identify relevant
Red Flag criteria for covered loan applications, incorporating these
"flags" into the lender's processing programs;
- Detect the Red Flags that have been incorporated when they show up in an individual loan application;
- Respond appropriately to any Red Flags that are detected so as to prevent, and to mitigate, identity theft; and
- Ensure
that the program is updated periodically to reflect any changes in
definable risk or to meet the safety and soundness requirements set
forth by the lender's regulator.
Cutting-Edge Risk Assessment Testing
The
risk assessment reports available in Mirale can be designed and framed
to highlight various Red Flags issues, all set in accord with
individual lender requirements. Problems like transposed Social
Security Numbers, addresses, or misspelled names can be identified
early in the loan process and cured prior to the time of closing.
These
interactive risk assessment capabilities represent yet another example
of MRG's ability to keep its lender clients ahead of the complex world
of regulatory changes, and to provide perfect document packages.
Call
the Miracle Customer Service line at 1-888-674-3621 and let us
demonstrate how these systems can streamline your "Red Flags"
compliance.