Posted by Serina/VT on 3/25/10 7:24am
Msg #328873

Sign up packages, what do you do?

Do you provide references? Have you ever heard of the gramm leach provision?

Reply by John/CT on 3/25/10 8:16am
Msg #328883

Yes I do. Your second ? refers to the Gramm-Leach-Bliley Act (GLBA), which deals with disclosure of non-public personal information. Suggest you study up on this because we are supposed to comply with this.

Reply by Serina/VT on 3/25/10 9:23am
Msg #328901

I have always been in compliance then, just had never had a contract with that act as part of the sign up package, thanks

Reply by Grammyzoom on 3/25/10 8:27am
Msg #328890

I always have my package of required documents ready to fax or email including a page with about 20 references.

Regarding your second question, the Gramm-Leach-Bliley act I believe has something to do with a law that was passed a few years ago which allows banks, security companies and insurance companies to be combined in order to make loans. It gives them the right to be financial services or something. Years ago only banks could make loans, now the combinations can. I am not sure where to find information on this law but I am sure it is out there somewhere.

Reply by cawest/PA on 3/25/10 8:42am
Msg #328893

http://www.ftc.gov/privacy/privacyinitiatives/glbact.html

Reply by Grammyzoom on 3/25/10 8:49am
Msg #328897

Thanks cawest

Too much stuff in my old brain and forgot that this was an important part of this act. I went to the link and printed it out. Thanks again!

Reply by cawest/PA on 3/25/10 10:26am
Msg #328911

You are welcome n/m

Reply by Linda_H/FL on 3/25/10 8:43am
Msg #328895

"the Gramm-Leach-Bliley act I believe has something to do with a law that was passed a few years ago which allows banks, security companies and insurance companies to be combined in order to make loans. It gives them the right to be financial services or something. "

I thought GLB addressed the protection of private consumer information - such as what lenders, brokers, underwriters, etc., and us as notaries, receive when we process a loan package.

Reply by CF on 3/25/10 8:52am
Msg #328898

Linda H /FL you are right it protects consumers information.

Kind of like HIPPA...but for financial information vs medical information. The way that I understand GLBA it is illegal and a breach of policy for me to sell or share information found on the loan application or that a person signed a loan with me. Just like your receptionist at the Dr.s office is not suppose to tell that so and so came into the office today. I never tell a friend....oh I closed so and so's loan and it says on their loan app. that they make X amount of dollars. Or I closed so and so's loan period.....that is a breach of their privacy too. I do not discuss the peoples names that I sign loans for. You need to look at it both ways.

Reply by jba/fl on 3/25/10 9:43am
Msg #328902

"including a page with about 20 references."

I hope they are all SS's so that you aren't sending marketing info to someone else to scoop all your clients. I don't send any TC references for that reason...perhaps EFS, LFC, Bridgespan and so on, otherwise, no.

Reply by Grammyzoom on 3/25/10 10:15am
Msg #328907

Yes, all SS's. Thanks, good point!