The directors, management, and staff of PrimeWest Mortgage are concerned about and respect the privacy of customers’ personal financial information. We understand that our customers furnish sensitive information to the mortgage company in the course of our daily business, and the mortgage company is committed to treating such information responsibly. We know that our customers expect privacy and security for their personal and financial affairs.
The mortgage company will take all the necessary steps to safeguard sensitive information that has been entrusted to us by our customers. The following privacy policy and disclosure outlines our company’s practice regarding personally identifiable financial information for mortgage customers and consumers.
Types of Information We Collect
At PrimeWest Mortgage we collect nonpublic, personal information about you from many sources, including the following:
- Information we receive from you on applications or other forms
- Information about your transactions with us, our affiliates, or others
- Information we receive from a consumer reporting agency
Nonpublic, personal information does not include that which is available from government records, widely distributed media, or government-mandated disclosures.
Types of Information We Disclose
We may disclose the following types of information about current or former customers to our family of affiliated businesses:
- Identification information, such as name, address, and telephone number
- Transactional information
- Mortgage loan account experience
Examples of the types of businesses we are affiliated with are listed below:
- Banking companies and outsource leasing companies
- Insurance, brokerage and finance companies
The mortgage company may also share all of the information we collect from you, as described in the previous section, with certain nonaffiliated third parties. The types of businesses these parties represent are:
- Mortgage product servicing companies
- Insurance, brokerage and financial servicing companies
Service Providers and Joint Marketing Ventures
The mortgage company may disclose the following information to companies that perform marketing services on our behalf or to other financial institutions with whom we have joint marketing agreements:
- Information we receive from you on applications or other forms, such as name, address, social security number, income, assets
- Information about your transactions with us, our affiliates, or others such as account balances, payment history, parties to transactions
- Information we receive from a consumer reporting agency, such as your creditworthiness and credit history
Although you will not have the option to opt out of this sharing agreement, if the mortgage company shares information with a third-party nonaffiliated marketing firm for the purpose of telling you about our new products or services, the mortgage company will enter into a written agreement with the third party that will require the third party to maintain the confidentiality of the information in the same manner the mortgage company would and to restrict its use.
The mortgage company will not provide your personal information to non-affiliated companies for the purpose of their independent telemarketing or direct mail marketing of any non-financial products or services.
Safeguarding Customer Information
At PrimeWest Mortgage we protect consumer privacy by ensuring that only employees who have a business reason for knowing information have access to it. We have a compliance officer who is responsible for maintaining internal procedures to ensure that our customers’ information is protected.
All employees have a copy of this policy and are trained at least annually regarding the importance of safeguarding customer information. The internal auditor, compliance officer, the human resources director, or the appropriate department manager will take disciplinary action against any employee who violates the mortgage company’s privacy policy and procedures.
The mortgage company maintains physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic, personal information.
Your Right to Opt Out of Sharing Agreements
You have the option of opting out of our sharing agreements with nonaffiliated parties (other than disclosures permitted by law) by notifying us of your request.
If you sign the opt-out notice at the time your account is opened or application processed, we will honor your request immediately.
However, you may opt-out of our sharing agreements at any time. If you notify us after your account is opened or application processed, we agree to stop sharing your information within 60 days from the date we receive your request.
Exceptions to Your Opt-Out Rights
By law the we may share personal information about consumers without allowing consumers the opportunity to opt out in the following circumstances:
- With companies who perform transaction processing for us in the following circumstances:
- If the transaction, service, or product is requested or authorized by the consumer
- To maintain or service a consumer’s account as part of a private label credit or other loan extension program
- In connection with a securitization, secondary market sale (including servicing rights), or similar transaction related to a consumer
- For disclosures that are necessary to enforce the our legal or contractual rights or the rights of any other person who is engaged in the financial transaction
- For disclosures required in the ordinary course of business, such as the settlement of claims or benefits, the confirmation of information to the consumer or the consumer’s agent, and the billing, processing, or clearing of items in the normal course of business
- To provide information to insurance rate advisory organizations, guaranty funds or agencies, agencies that are rating the mortgage company, persons who are assessing our compliance with industry standards, and our attorneys, accountants, and auditors
- To the extent permissible under the Right to Financial Privacy Act
- To a consumer reporting agency under the Fair Credit Reporting Act
- To comply with federal, state, or local laws, rules, and other applicable legal requirements
The board of directors has approved and adopted this policy which will be reviewed on an annual basis.
Consumer’s Right to Opt Out of PrimeWest’s Information Sharing Agreements
If you sign the opt-out notice at the time your account is opened or application processed, we will honor your request immediately.
However, you may opt out of the our sharing agreements at any time. If you notify us after your account is opened or application processed, we agree to stop sharing your information within 60 days from the date we receive your request.
You may mail to PrimeWest at the address below,
email us or send a written request to opt out of the information sharing agreements at a later time.
PrimeWest Mortgage Corporation, 7806 Indiana Ave., Lubbock, TX, 79423.
If you send a written request to us at a later time, please include the following information in your request:
Your name, social security number and that of all persons authorized to use your accounts
Your address
All of your account numbers
Your signature and the date