Posted by PJM/MI on 11/12/13 8:28am
Msg #492359

Who's protecting our information?

Seems everybody & their brother is asking for a BGC and we merrily submit it and hand it over. WHO is protecting our "sensitive information? We've sent them a W-9, and some companies request a copy of our drivers license. And what about direct deposit? We've just sent our bank acct #.
It's SO important we protect the borrowers & all of their sensitive information, who is protecting US?
A few yrs back, I was getting payments from a company direct deposit. The gal who was submitting my deposits got fired and took along with her MY bank account info. Imagine my horror when the bank informed me I was overdrawn $600.00! It took 90 days to clear it all up.
If a company closes up shop, is my information destroyed? Hmmm...

Reply by MW/VA on 11/12/13 8:36am
Msg #492361

IMO it's one of those "when the shoe's on the other foot"

scenarios. We routinely ask borrowers for copies of their ID's, voided checks for disbursement, etc. We also have access to ALL their personal info. I don't have a problem providing documentation, up to a point.
BTW, I've never had a problem with direct deposit. Also, I have 98% of my monthly bills set up for ACH from my checking acct. & have never had a problem.
I'm sorry to hear of your unfortunately experience with that former employee & your bank acct. It is a crime, and I hope it was investigated & charges were brought against them.

Reply by Treasure Valley Notary - Tina on 11/12/13 9:06am
Msg #492365

More Than A Crime When You Are The Victim

ID theft is a crime. But it is one that most people get away with, the local police do not have the manpower necessary to go after the criminals in most cases. And when you are the target you only begin to realize just how difficult it is to "fix." We as business owners protect the information that is entrusted to us - borrowers ID, our journals, even title's return mailing info, etc. But the original poster is right . . . who watches over our info?

And the answer is very simple. WE DO!

We decide just how much we are willing to give out. You want to give a copy of your driver's license, you go right ahead. I will NOT. Oh, I might send a copy, but I guarantee that I have blacked out the #, my birth date and any other information necessary for ID theft. A few companies have asked for the actual background check report (not just the certificate). They want the report # and date (which is not on the NNA certificate - and that needs to change). I have sent the report, but only after I blacked out ALL info they did not need.

No company can give an absolute guarantee of what their employee will do with your private information. I have a great friend who is an ID Theft expert and the stories are mindboggling. So my advice is to think twice before handing over who you are. In Idaho I have to be bonded, but the rules for the signing services is totally different in each state. Most of the signing service employees are not bonded. You really are clueless to who they are. As a notary most of us are very trustworthy and honest (which is what draws us into the industry). But just because we hold ourselves to a higher standard does not mean that they do too. Criminals can careless about you as a person. They are after what they can get to take them where they want to go. And if you are in their path and happen to get harmed, they don't care.

Think about who you send your information to. And ask questions about how they protect YOU. And please do not sign any variation of the FNF Release where you are giving a blank check to anyone asking to send any and all of your information to whomever they want. I've returned a few, but ONLY after I crossed most of it out. And added a few words. If I still get hired, then great. And if I don't . . . there are a lot of other companies for me to market myself to. And the same goes for you.

Reply by 101livescan on 11/12/13 9:40am
Msg #492369

Re: More Than A Crime When You Are The Victim

When a SS owner has a background of criminal charges for ID fraud and forgery, and cannot get gainful employment because this information NEVER goes away when a BGC is performed, they have no other choice but to resort to the same criminal activity they found so easy to do, until they were caught.

Unfortunately, we are surrounded by people with criminal minds, that's all they know how to do, no tangible work experience, education or knowledge, other than how to take what's not theirs.

Does any one know, can a person with a criminal background, involving issues of moral turpitude, ever be able to obtain a real estate loan, under the new lender compliance guidelines?

I don't think so.

Reply by MAC/WA on 11/12/13 10:29pm
Msg #492471

LOL, I don't think lenders do a criminal BGC, only credit

Gary Ridgeway, dubbed the Green River killer in WA state, killed 30-40 girls and young women over a period of 20 or so years. Some lender had no problem giving him a home loan for his wife and four children. He had a steady job, good credit, and no criminal record.

Reply by jba/fl on 11/12/13 9:46am
Msg #492372

My very first thought when I read the OP: We do!

You are so very correct, Tina. Trusting another only goes so far. Ever since I read of mortgage and title companies going out of business and their paperwork in dumptsters and being blown about parking lots, I've been so proactive protecting my info.

You are responsible for protecting yourself....always.

Reply by JanetK_CA on 11/12/13 2:05pm
Msg #492414

Great post, Tina!! n/m

Reply by Lee/AR on 11/12/13 8:53am
Msg #492364

Apparently nobody. Ask for their Privacy Policy. n/m

Reply by jnew on 11/12/13 10:34am
Msg #492375

Re: Apparently nobody. Ask for their Privacy Policy.

I can't think of a way you can pay other than cash without displaying your bank information. Any check you use has it on it's face.

Reply by sueharke on 11/12/13 3:23pm
Msg #492433

Re: Who

I'd setup a secondary bank account to receive money and transfer it out just as fast as the money was deposited to a real account.