The Fair and Accurate Credit Transactions Act (FACTA) is an extension of the Fair Credit Reporting Act (FCRA) and provides guidance for identity theft and fraud prevention. The FACTA includes guidance about fraud alerts and the Red Flags Rule, which requires many businesses and organizations, including banks, to implement a written Identity Theft Prevention Program designed to detect the warning signs- or red flags-of identity theft in their day-to-day operations. Mortgage red flags come in many shapes and sizes. One example is an The variety of fraudulent mortgage schemes is limited only by the imagination and resourcefulness of fraudsters. appraisal that misrepresents the value of a property. Another example is an omission or inconsistency in borrower identification or personal data. Discrepancies in the loan application and supporting documentation are very often the tip-off that the file contains misrepresentations. The SAFE Act and BSA/AML The Secure and Fair Enforcement (SAFE) Act sets a minimum standard for licensing and registering mortgage loan originators. It requires loan originators to be licensed and registered under the Nationwide Mortgage Licensing System and Registry (NMLS). Financial institutions must i Put your staff on the fast track Community Banker University offers online courses, live events and certifications for you and your staff focused on bank security, BSA/AML and more. icba.org/educationhttp://www.icba.org/education