Reasons why we obtain personal information from our borrowers
The information we obtain from our Borrowers is used for verification purposes, loan qualifying for our Investors and for regulatory reporting requirements.
Our company represents Private Investors, Pension Funds and Investment Funds and it’s necessary for our company to present personal information we obtain from our Borrowers together with Subject Property information to potential Investors as part of the loan processing and funding our Borrowers loan requests.
Following are the specifics reasons why we must obtain personal information from our Borrowers who apply for real estate financing with our company.
- We are required to confirm the ownership of the Subject Property we are asked to finance and to further confirm and verify the identity of our Borrowers.
Income Qualifying Requirements
- The Income Information we obtain from our Borrowers is used for qualifying purposes for the real estate loans our company provides.
Credit Qualifying Requirements
- The Credit History Information we obtain from our Borrowers is used for Credit Qualifying purposes for the real estate loans our company provides.
Regulatory Reporting Requirements
- Due to regulatory reporting requirements of agencies of the Federal government and the State of California that regulate Mortgage Loan Originators, we are required to obtain certain Personal Information from our Borrowers who apply for real estate financing with our company and to report certain Personal Information to comply with Federal and State Fair Lending and Discrimination Laws.