2007-11-17 13:37:21 · 10 answers · asked by Renaisannce Man 1 in Business & Finance ➔ Renting & Real Estate
The seller..whom I know personally called and left me a message on my voice mail trying to convince me to take this deal discussing some of the terms of my loan, such as interest rate and monthly my monthly payment. He also discussed with him what I may qualify for.
2007-11-17 14:22:43 · update #1
Your financial privacy is protected under the Gramm Leach Bliley Act (1999/ amended 2003). The act prohibits financial institutions from sharing non-public information with third parties. Enforcement is by the FTC and violations would be a civil action brought forth by the U.S Attorney General's office. The penalties are $100k max/per for the institution & $10k max/per for officers and directors.
(Interest rate and payments are disclosed in your purchase contract so they would not be 'non-public'.)
Getting the US Attorney General to prosecute a violation at this level might be quite impossible. You might have better luck, and satisfaction, writing a letter of dis-satisfaction to the loan officer, cc his broker, and your real estate agent and ask for some additional boot to keep you from terminating the contract. ( There are MANY ways to terminate and keep your earnest money)
2007-11-17 16:52:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The seller has the right to know certain information about the purchaser, especially if they are taking their home off of the market to sell it to them. They have the right to know that the person has the ability to qualify for the loan, or they will risk losing valuable market time. You also may have signed disclosures stating that they can share certain information.
This is very often done through a pre-approval letter or loan status report, but can vary from region to region.
What they can't share is information that would allow them to make a biased decision such as age, race, handicap, or familial status. Those are protected by State and Federal laws.
2007-11-18 11:10:59 · answer #2 · answered by Anthony 3 · 0⤊ 1⤋
It depends on the nature of the disclosure.
Some things the seller has a right to know - since they are a party to the business transaction (the sale of the property). This is especially true if the sale is "contingent" or "Subject to" you gaining specific types of financing - and if the lender requires the seller to pay certain costs in relation to the loan.
However, if the lender disclosed information the seller had no right to know - especially information concerning the Right to Financial Privacy Act, then the lender has committed a serious breach of Federal Law. You could lodge a complaint with the lender's company, the state corporations board as well as the US Attorney General.
2007-11-17 14:17:42 · answer #3 · answered by rlloydevans 4 · 2⤊ 1⤋
Hi there
If you are from Australia, you can seek advice from the following regulatory bodies for the Mortgage Lending industry.
www.cosl.com.au (Credit Ombudsman Service Limited)
www.mfaa.com.au (Mortgage Finance Association Australia)
www.fairtrading.com.au (Fair Trading Department)
Mortgage Brokers must adhere to the Privacy Act of 1988 here in Australia which sets out what must and should be adhered to when handling personal and sensitive client information.
Please check your Privacy Consent Form if you from Australia, you would have needed to have signed one of these and an FBC (Finance Broking Contract) with your Mortgage Lender.
You should be able to locate a description of the types of disclosures a Mortgae Loan Writer is allowed to make as per your signed Privacy Consent Form. These usually include, lending institutions, credit reporting agencies etc...
Good Luck!
2007-11-17 20:02:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Our mortgage lender sent a copy of our breakdown with social security number, then proceded to have conversation on what type of loan we should take out. we had already decided to go with a conventional loan verses the fha but our seller had him change it to an fha because the seller decided it would be better.
2015-09-04 14:45:38 · answer #5 · answered by ? 1 · 0⤊ 0⤋
What did the mortgage lender disclose to the seller ? If the items were confidential, you should lodge a legal complaint. Bear in mind that not all disclosures are of a confidential nature.
2007-11-17 14:02:10 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
Check your purchase contract . . . when selling a home I always reserve the right to speak with the broker.
2007-11-17 22:43:20 · answer #7 · answered by CHARITY G 7 · 0⤊ 1⤋
you can sue them for violating your privacy rights.
you will need to prove that they did this also...and need to prove damages.
either way you should speak to an attorney
2007-11-17 13:56:57 · answer #8 · answered by Anonymous · 0⤊ 1⤋
This is bugging me as well
2016-07-30 07:20:15 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Finally, that's what I was searching for! Thanks op of this question.
2016-09-19 01:39:00 · answer #10 · answered by ? 2 · 0⤊ 0⤋