Internet Privacy and Your Loan Application
Digital Data and Internet Privacy When Applying for a Mortgage
With internet security and internet privacy being in the forefront of many news stories throughout 2017, we wanted to take some time to address your data privacy when you apply for a loan application. While much of your interact with GoPrime Mortgage, Inc. . will be face-to-face, technology has become such an integral component that we often overlook the real concern of using this medium to communicate data.
So what can you do to make sure your information is kept safe and private? Here are just a few steps to consider.
Work With a Reputable Company
Of course, it’s not a surprise that the team at GoPrime Mortgage, Inc. . would encourage you to work with a lender directly rather than apply through a variety of online mortgage sites. But one of the reasons we feel this is important to the process is that you can ensure you’re working with a reputable company.
Certainly there are reputable online mortgage companies available to work with, but there is greater risk when dealing with an organization that only exists in the digital space. When you are able to work face-to-face with a mortgage expert, you can get answers to your questions over the phone or in person as necessary, which can give you a greater peace of mine.
However, digital mortgages and even the use of artificial intelligence for the mortgage process will become more prevalent in the near future. Stay tuned to our blog as we explore these concepts along with other digital subjects, such as Bitcoin, in the coming months.
Use a Secured Network
Throughout the process you may need to submit information online even if you are working with a reputable lender in person. When you do so, make sure that you are always using a secured network. Public networks, such as those you might connect to at a coffee shop, library, or hotel may have an increased risk of data insecurity.
One of the easiest ways for network security to be compromised is through unsecure networks. For example, if you check your bank account at a public library, there are fewer security protocol in place in that environment that your data can be viewed by individuals who may not have your best interest in mind.
The best way to submit sensitive data online and have internet privacy is to use your own secure and password protected network in your own home.
And know that reputable companies, like GoPrime Mortgage, Inc. . have information security in mind when we design and implement our own networks so your information will be safe when we transmit it throughout the process.
Be Discerning When Emailing
If you have to email information during your application process, make sure that the recipient also has a secure network or their site is password protected and has internet security measurements in place. For added peace of mind, you can also fax documents, but be sure you know there is someone on the receiving end when you do. Know that emailing documents to GoPrime Mortgage, Inc. . is safe and secure and we use the current standards to ensure your data is protected.
But email caution is about more than just submitting sensitive data. Be sure you’re careful about the emails you click on and respond to throughout the process. You may begin to receive emails that appear to be from your lender, but if you don’t recognize the address or the sender, check before opening, clicking on any links, or downloading attachments. If you want to call us before opening anything that has you concerned, we are completely okay with that.
Discuss Data Safety With Your Lender
Your lender should have policies in place to ensure that your data is safe in their hands. You can talk to them about their policies and procedures to get a better understanding of how they will handle your private information. It’s not uncommon, for instance, for consumers to be concerned about data sharing, but it’s also important to note that there will be some aspect of data sharing that is part of the mortgage application process, such as obtaining your credit reports.
What’s important to note is your lender’s policy on third party sharing, retention of your private information, and how this information will be digitally stored on a secure server. You may also want to know their policies on paper files and how long they keep records and how they’re destroyed in the future.
It’s okay for you to have questions and do your own research as well. Don’t think you’re being overly protective or hard to work with. Simply asking these questions indicates that you’re a cautious and careful consumer, which is a good thing for lenders.
Monitor Your Credit Report and Finances
Once you have completed a mortgage application and gone through the approval process, even before you close on a house, keep a close eye on your credit report and other financial accounts. If you see any suspicious activity. At GoPrime Mortgage, Inc. . we strive to ensure your data is secure, but in the unforeseen case where something is compromised, early detection will be the first step in fixing the problem.
If your identity is stolen from digital data, the sooner you respond to it, the quicker you can begin the identity restoration process to eliminate any long term implications from occurring due to this breech. Again, our team will do everything possible to ensure this doesn’t occur, but there may be situations beyond our control, much like the data breach that affected Equifax earlier in 2017.
Do you have questions about the data security and internet privacy policies at GoPrime Mortgage, Inc. . Contact us today to learn more.