Prospect Mortgage is dedicated to protecting the privacy of borrower information and to establishing trusting relationships based on respect for personal identity and information.
Affiliate: Any company that controls, is controlled by, or is under common control with another company.
Customer: A consumer who has established an on-going customer relationship with Prospect Mortgage.
Customer Relationship: You establish a customer relationship with a consumer when you originate a loan to the consumer for personal, family, or household purposes. If you subsequently transfer the servicing rights to that loan to another financial institution, the customer relationship transfers with the servicing rights.
Non-Affiliated Third Party: Any entity that is not an affiliate of, or related by common ownership or affiliated by corporate control with Prospect Mortgage.
Nonpublic personal information: Type of information protected by the Privacy regulation. Personally identifiable financial information (ie: credit report information, loan application information, SSN) and any list, description, or other grouping of consumers that is derived using any personally identifiable financial information that is not publicly available.
Publicly available: Any information that you have a reasonable basis to believe is lawfully made available to the general public from: Federal, State, or local government records (ie: information in government real estate records); widely distributed media (ie: information in a telephone book); or disclosures to the general public that are required to be made by Federal, State, or local law.
Categories of Information We Collect and Disclose
As part of providing financial products or services, we may obtain information about the customer from the following sources:
- Applications, forms and other information that the customer provides to us, whether in writing, in person, by telephone, electronically, or by any other means. This information may include their name, address, employment information, income , and credit references;
- A customer’s transaction with us, our affiliates or others. This information may include their account balances and payment histories;
- Consumer reporting agencies. This information may include account Information and information about the customer’s creditworthiness;
- Public sources. This information may include real estate records, employment records, telephone numbers, etc.
Collection and Use of Information
Prospect Mortgage collects and uses a customer’s personal information to evaluate requests for mortgage credit. This information is typically gathered over the phone or from the internet as a part of the company’s lead development and loan application processes.
How Prospect Mortgage Protects Information
- Limits access to personal information to only authorized staff and approved vendors;
- Prospect Mortgage uses Secure Sockets Layer (SSL) technology supporting up to 128 bit encryption to prevent unauthorized parties from viewing any personal information transmitted to or from Prospect Mortgage. This equipment is standard with current versions of Internet Explorer, Netscape, and AOL. SSL server authentication allows the browser to confirm a server’s identity. Using standard techniques of public-key cryptography, it checks that the server’s certificate and public ID are valid and have been issued by a certificate authority (CA) listed in the browser’s list of trusted CA’s. An SSL connection encrypts all information sent between a borrower’s browser and the Prospect Mortgage server. This provides an extremely high degree of confidentiality. In addition, all data sent over an encrypted SSL connection is protected with a mechanism for detecting tampering, to automatically determine whether the data has been altered in transit.
Information we share
Prospect Mortgage may share information about a customer as permitted by law.
There are situations in the lending process that require the sharing of information but it is done to accommodate individual credit requests with full knowledge and consent of our borrowers, for instance:
- With companies involved in the loan process such as appraisers or title companies;
- With service providers that assist us with processes or functions;
- With investors to whom we sell the loan; and
- As required to comply with laws regarding government reporting and other regulatory requirements.
In addition to the above, we may also disclose nonpublic personal information about a customer to the following types of affiliates and nonaffiliated third parties with the customer’s authorization:
- Financial service providers, such as mortgage bankers, banks, credit unions, escrow companies and insurance companies; and
- Non-financial companies, such as real estate companies, consumer reporting agencies, and loan servicing companies.
The privacy notice provided to customers will include the above applicable information and the below opt out right. Privacy notices will include an acknowledgement of receipt to be signed by the customer and dated.
Privacy Notices Opt Out Right**
Notify us (opt out), if you do not want us to disclose nonpublic personal information about you to affiliates and that they not market their products and services to you based on information that we shared with them.
Notify us (opt out), if you do not want us to disclose nonpublic personal information about you to nonaffiliated third parties and that they not market their products and services to you based on information that we shared with them.
The below toll-free number is provided for your convenience to notify us of your wish to opt out of sharing your nonpublic personal information with either affiliates of Prospect Mortgage or nonaffiliated third parties or both.
If you have a joint account, any party on the account can make this choice. That choice will apply to all parties on the account.
Annual Privacy Notices
Annual privacy notices are delivered once in any 12 consecutive month period to customers with whom Prospect Mortgage have an on-going customer relationship.
Privacy Related Inquiries
Consumers may inform Prospect Mortgage of any known or suspected privacy or security breaches or to submit privacy related questions or complaints. Upon receipt of an inquiry, Prospect Mortgage will respond within 5 business days.
15301 Ventura Blvd.
Sherman Oaks, CA 91403
Attn: Compliance Department
* CA form
**VT requires an opt in.