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Mortgage Broker News | 09 Jun 2010, 12:00 AM Agree 0
Several mortgage brokerages need to better secure their customers' personal information from theft, Privacy Commissioner Jennifer Stoddart said yesterday in a report.
  • Truth Renaissance | 11 Jun 2010, 03:16 AM Agree 0
    I agree tighter security measures need to be put into place. I left the industry recently and when I asked RECA what the procedure was for client files I was instructed to keep them for 3 years. In my opinion once the mortgage is completed and possession has taken place the only thing a broker/agent should be keeping on file is the customer's name, address, phone number, what lender financed the mortgage, the rate, amount and term of said mortgage. And once a broker/agent ceases being a broker/agent all paper files should be shredded.
  • AB Mortgage Broker | 11 Jun 2010, 03:43 AM Agree 0
    Isn't this just commonsense?
  • Zoltan M. Padar | 11 Jun 2010, 04:09 AM Agree 0
    As far as we at MortgagePRO Ltd. concerned, any associate working under our Brokerage license, have to turn in all documents created during the process upon the file funded and the commission is forwarded to the Brokerage. MortgagePRO Ltd. is only paying commission to Associates when the original file has been turned into the brokerage. Upon the file is at the Brokerage, broker scans all documents and save it in our data base, only the Broker has access to. Documents are shred, period. As far as I am concerned, the client is Brokerage client as the Brokerage is responsible. We also have a system in place to notify Broker when a file matures and then the Broker will notify Associate to contact client and offer services again to renew or move client to other lender. In case the Associate is not with the Brokerage any longer or not in the industry any longer, Broker will assign the file to other Associate. As far as I understood, Associates are not to keep any original documents in their possession, as most associates are working from an unsecured location. Besides the name and contact information and the date of maturity, Associates should not to keep SIN numbers and other pertaining personal information. I sure would not want anybody to know anything about me if I'm a client. Negligent Associates to be punished, but I am sure, if they not get paid unless you submit full original file, will make changes in Associates behavior very fast. All these policies and laws are for their protection as well from future lawsuits. We also encourage Associates to turn in all unfunded deals as well. It is RECA regulation.
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