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  1. #1
    Join Date
    Dec 2009
    Posts
    1

    Default Mortgage App Privacy

    My question involves a banking matter in the State of: MI

    Me and my wife are in the middle of purchasing our first home. In addition to the verification of employment, there was an additional letter that our mortgage company was asking from my employer. They wanted to have in writing that my job would continue as I stated on my application. The letter stems from the type of IT work I do, because I travel alot.

    My concern started because they contacted my employer but they were speaking to people outside of HR and with people that I do not directly or indirectly report to. The person that upsets me most, is a salesman in our company. He had details of what I was buying, where I was buying and what my living arrangement would be.

    I have tired to find a reference point to mortgage privacy laws but I only came across Gramm-Leach-Bliley Act, which I don't fully understand. On my mortgage companies site, their own privacy policy says they don't share non-public personal information unless I authorize it. The only thing I ever signed was the general authorization for VOE.

    Wouldn't that kind of information be non-public?
    Is this legal or is it just an ethical issue?

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Mortgage App Privacy

    Wouldn't that kind of information be non-public?
    Not necessarily. You may consider it private at the moment, but once you sign on the dotted line, the whole transaction becomes a matter of public record, and anyone can find out how much you paid, who your lender is, what your payment is, and what your property taxes are. There will even be a photo of your house associated with all of that information, easily accessible through your county's property tax website.

    Is this legal or is it just an ethical issue?
    It seems to me to be an issue of slight incompetence on the part of your lender. They simply talked to the wrong person.

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