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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.