Wolters Kluwer Financial Services launched a new Red Flag Tool Kit aimed at the mortgage industry. Its Red Flag Tool Kit for Mortgage is designed to help mortgage lenders and brokers more quickly comply with the Fair and Accurate Credit Transactions Act's new Red Flag Rules for customer identity management.
The FTC has delayed enforcing the Red Flags rules until May 1 to give lenders more time to comply. According to Wolters Kluwer, the Tool Kit provides lenders and brokers with what it says is a more straightforward approach to developing and implementing their identity theft prevention programs required by the rules.
The kit features streamlined Red Flag Rules policy development through 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; 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; and employee training for mortgage lenders via an instructional video and a self-directed learning module from Wolters Kluwer Financial Services' online training library.