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I am a licensed loan -officer from Illinois ,through net-branching within the next few months I will have access to originating loans in 50 states. As of now as a LO I process my own files. I have a system that works for me …on an average I close around 3 – 5 loans a month. Ideally I am looking to set – up a 12 seater VOIP call center in Calcutta…dividing it into 2 halves .. one for lead-generators who will start off as reps .. with my training and experience they can slowly graduate to taking 1003 ‘s on phone and prequal loans with difefrent lenders .. selling the loan and corresponding with US counterparts to get the intial signings…. the other half is strictly processing … which is a lot simpler to train. I have worked as a broker outsourcing business to offshore centers .. I know both sides of the story. I want to start slow and slowly ramp up ..depending on the volume of business we can generate. I am not familier with legal aspects of openin a center… have a lil knowledge about the technology ..but not enough to do it all by me. So if someone can get back to me with an estimate of costs or if I could lease lines from an existing center … though I get to hire my own personell.
can we look forward for partnership
hi Nirmal …details please …what do you have in your mind?
HI nirmal,
Details please what do you want?Sarit, you are going to get yourself in trouble by violating the Safegaurd Rules. Go to http://www.ftc.gov and click the link for safeguard rules. You can see all the mortgage brokers with huge fines. Sending private financial data offshore will get you in trouble.
Generally, companies are left on their own to develop security programs that are appropriate to their individual size and operations. The federal agencies determined flexibility was necessary because of the many different kinds and sizes of companies that would have to comply.
In the end, security under GLB ( Graham Leach Bailey’s act)translates to “guidelines” rather than strict rules for compliance. There are some things a financial institution must do. For example, financial institutions are required to:
1. Develop a written security plan.
2. Designate responsible employees.
3. Assess risks to customer data.
4.Test and monitor safeguards.
Other than these requirements, security procedures are generally left up to the financial institution.The FTC identified three areas as important to security: (1) employee management and training; (2) information systems; and (3) managing system failures. The FTC’s Safeguards Rule goes on to suggest steps a company might take to secure information.
There is no such mention that financial data being sent out of the country violates the safeguard laws … or else all major companies like WAMU / Chase/ Countrywide/ Ameriquest … will be out of business.
It is very important to be in compliance and take necessary steps to be in compliance. I am very much aware of them…
Thank you anyways for your insights…
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