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Lenders Required to Establish Procedures for Fraud Risk Factors

Mortgage Bankers Association Addresses Compliance Technology

Washington, D.C. (January 9, 2009) - The Mortgage Bankers Association's (MBA) Residential Technology (RESTECH) Steering Committee released a white paper that assesses the latest federal mandate for Identity Theft Red Flags and Address Discrepancies Indicators, which are intended to minimize fraudulent financial transactions. The policy decision, which was issued unanimously by the five Federal financial agencies and the Federal Trade Commission (FTC), mandates that businesses assess the risk to any account that permits multiple payments or transactions, establish a program to mitigate those risks, and institute administrative oversight.

MBA's White Paper contains comprehensive analysis and first account experiences from mortgage technology industry participants that examine the various segments of the mortgage lending processes as it relates to implementing the federal mandate.

"With the growth of identity theft and increases in reported mortgage fraud, the real estate finance industry must continue to take steps to comply as well as propose programs to mitigate those risks," said Chris Burckhardt, Chairman of RESTECH and Chief Information Officer of Pulte Mortgage, LLC. "The RESTECH Committee recognized that with the immediate implementation of the Red Flag rules, it was critical that parties involved in residential technology work together to comply with the mandate."

The federal mandate implements section 114 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) and final rules implementing section 315 of the FACT ACT. The language requires businesses responsible for financial transactions to establish procedures to respond to Address Discrepancies Indicators received from credit bureaus and identify the reason for the notice, perform appropriate actions based on that reason, and potentially report the findings to the credit bureau.

"This White Paper is another example of the many mortgage technology initiatives that MBA is developing to both comply with federal mandates and promote greater transparency within our industry," said Robert Schlecht, MBA's Director of Industry Technology Security and Compliance. "Pooling together a wealth of knowledge from industry participants to examine the most feasible and cost efficient way to implement this rule is an example of how the MBA supports member needs."

MBA's RESTECH Steering Committee identifies key technology issues affecting the real estate finance industry, and organizes industry task forces comprised of mortgage industry experts to vet those issues and develop strategic plans to inform and assist members of the industry.

To obtain a copy of the MBA RESTECH white paper, please visit http://www.mortgagebankers.org/files/Technology/MBAResTechWhitePaper-RedFlagandADIWhitePaper.pdf

SOURCE: Mortgage Bankers Association

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