Prudential Borrowing Privacy Policy
PRUDENTIAL BORROWING does not currently share our customer information with certain outside companies such as magazines, or nonfinancial service providers.
PRUDENTIAL BORROWING is permitted by law to share customer information between its affiliates and third party vendors for certain purposes. For example: Share information with service providers, e.g., loan servicer.
All vendors with which PRUDENTIAL BORROWING does business must sign a confidentiality agreement and are not permitted to use customer information for any purpose other than the reason stated in their contract. PRUDENTIAL BORROWING is permitted by law to reserve the right to share customer information with outside companies if the customer has not opted out.
PRUDENTIAL BORROWING is permitted by law to share customer information between its affiliates and third party vendors for certain purposes. For example: Share information with service providers, e.g., loan servicer.
All vendors with which PRUDENTIAL BORROWING does business must sign a confidentiality agreement and are not permitted to use customer information for any purpose other than the reason stated in their contract. PRUDENTIAL BORROWING is permitted by law to reserve the right to share customer information with outside companies if the customer has not opted out.
Safeguarding Customer Information
PRUDENTIAL BORROWING Employee Code of Conduct requires that customer information remain confidential. Violation of this requirement by PRUDENTIAL BORROWING employees may result in disciplinary action up to and including termination. In addition, PRUDENTIAL BORROWING may be subject to regulatory action including administrative penalties.
PRUDENTIAL BORROWING Privacy Breach Policy
Privacy is a central element of PRUDENTIAL BORROWING consumer protection mission. In recent years, advances in computer technology have made it possible for detailed information about our customers to be compiled and shared more easily. This has produced many benefits for individual consumers and for companies. At the same time, as personal information becomes more accessible, each of us must take precautions to protect against the misuse of this information. All non-public, private information (such as date of birth, social security number, account numbers, amounts owing) is privileged information. All PRUDENTIAL BORROWING employees are under a specific lawful duty to protect such information.
Procedures For Handling Policy Violations or Breaches
Oral Complaints
Oral Complaints, no matter how seemingly unimportant, are to be taken seriously. Front line staff who receive an oral complaint should seek to solve the problem immediately, if possible. If staff cannot solve the problem immediately they should offer to get the manager to deal with the problem.
If the complaint is being made on behalf of the consumer by an advocate it must first be verified that the person has permission to speak for the consumer, especially if confidential information is involved. It is very easy to assume that the advocate has the right or power to act for the consumer when they may not. Prudential Borrowing personnel should assume that the consumer’s explicit written permission is needed prior to discussing the complaint with the advocate.
After talking the problem through, each manager or the staff member dealing with the complaint should suggest a course of action to resolve the complaint. If this course of action is acceptable then the staff member should clarify the agreement with the complainant and agree upon a manner in which the results of the complaint will be communicated to the complainant (i.e. through another meeting or by letter).
If the suggested plan of action is not acceptable to the complainant then the member of staff or Manager should ask the complainant to put their complaint in writing and elevate to the Compliance Department for resolution.
Details of the complaints should be recorded in the notes section of Loan Origination System.
If the complaint is being made on behalf of the consumer by an advocate it must first be verified that the person has permission to speak for the consumer, especially if confidential information is involved. It is very easy to assume that the advocate has the right or power to act for the consumer when they may not. Prudential Borrowing personnel should assume that the consumer’s explicit written permission is needed prior to discussing the complaint with the advocate.
After talking the problem through, each manager or the staff member dealing with the complaint should suggest a course of action to resolve the complaint. If this course of action is acceptable then the staff member should clarify the agreement with the complainant and agree upon a manner in which the results of the complaint will be communicated to the complainant (i.e. through another meeting or by letter).
If the suggested plan of action is not acceptable to the complainant then the member of staff or Manager should ask the complainant to put their complaint in writing and elevate to the Compliance Department for resolution.
Details of the complaints should be recorded in the notes section of Loan Origination System.
Written Complaints
When a complaint is received in writing, whether physically on a form or digitally received, it should be passed on to Compliance who should record it in the complaints database and send an acknowledgment letter within two working days. Compliance will respond to the complaint through PRUDENTIAL BORROWING process.
If necessary, further details should be obtained from the complainant. If the complaint is not made by the consumer but on the consumer’s behalf, then consent of the consumer, in writing, must be obtained from the complainant.
If the complaint raises potentially serious matters, advice should be sought from General Counsel. If a staff member becomes aware of legal action against PRUDENTIAL BORROWING, he/she should contact Senior Management or General Counsel immediately and cease dealing with the customer or advocate.
Immediately upon receipt of a written complaint PRUDENTIAL BORROWING will conduct an investigation and within 28 days should be in a position to provide a full explanation to the complainant, either in writing or by arranging a meeting with the individuals concerned. If the issues are too complex to complete the investigation within 28 days, the complainant should be informed of any delays.
The outcomes of the investigation and any letter or meetings with the complainant should be recorded on appropriate documentation and any shortcomings in company procedures should be identified and communicated to Compliance.
If necessary, further details should be obtained from the complainant. If the complaint is not made by the consumer but on the consumer’s behalf, then consent of the consumer, in writing, must be obtained from the complainant.
If the complaint raises potentially serious matters, advice should be sought from General Counsel. If a staff member becomes aware of legal action against PRUDENTIAL BORROWING, he/she should contact Senior Management or General Counsel immediately and cease dealing with the customer or advocate.
Immediately upon receipt of a written complaint PRUDENTIAL BORROWING will conduct an investigation and within 28 days should be in a position to provide a full explanation to the complainant, either in writing or by arranging a meeting with the individuals concerned. If the issues are too complex to complete the investigation within 28 days, the complainant should be informed of any delays.
The outcomes of the investigation and any letter or meetings with the complainant should be recorded on appropriate documentation and any shortcomings in company procedures should be identified and communicated to Compliance.
Privacy Breaches
Any individual who suspects that a theft, breach or exposure of PRUDENTIAL BORROWING protected or sensitive data has occurred must immediately provide a description of what occurred via e-mail to the Senior Management or Compliance. PRUDENTIAL BORROWING will investigate all reported thefts, data breaches and exposures to confirm if a theft, breach or exposure occurred. If a theft, breach or exposure occurred, the team will follow the appropriate procedure depending on the class of data involved.
If the incident is a suspected theft, legal counsel shall also be contacted. They will determine whether or not a local law enforcement agency should be contacted based on the location and details of the incident.
Confirmed theft, data breach or exposure of PRUDENTIAL BORROWING protected data or COMPANY sensitive data, including privileged consumer information:
If the incident is a suspected theft, legal counsel shall also be contacted. They will determine whether or not a local law enforcement agency should be contacted based on the location and details of the incident.
Confirmed theft, data breach or exposure of PRUDENTIAL BORROWING protected data or COMPANY sensitive data, including privileged consumer information:
- As soon as a theft, data breach or exposure containing PRUDENTIAL BORROWING protected data or PRUDENTIAL BORROWING sensitive data is identified, the process of removing all access to that resource will begin as soon as possible.
Right to Financial Privacy Act (RFPA)
The federal government and several States have enacted similar financial privacy acts. The Right to Financial Privacy Act (RFPA) limits federal and state government access to any borrower’s financial records that are possessed by a financial institution.
The Act obligates financial institutions to preserve their borrower’s financial privacy. A financial record is defined as the original, a copy, or information known to be derived from a record pertaining to the borrower’s financial relationship with the institution.
Generally, PRUDENTIAL BORROWING will not release financial information without the express written consent from the borrower or the appropriate legal process (e.g., subpoena, summons or search warrant.) Legal processes must be forwarded to Senior Management and legal counsel.
The Act obligates financial institutions to preserve their borrower’s financial privacy. A financial record is defined as the original, a copy, or information known to be derived from a record pertaining to the borrower’s financial relationship with the institution.
Generally, PRUDENTIAL BORROWING will not release financial information without the express written consent from the borrower or the appropriate legal process (e.g., subpoena, summons or search warrant.) Legal processes must be forwarded to Senior Management and legal counsel.
Consumer Privacy
As consumer privacy issues continue to receive increasing attention from the public and the news media, it is important that all PRUDENTIAL BORROWING employees be aware of company policies that protect sensitive customer information in our possession. PRUDENTIAL BORROWING considers customer privacy concerns to be of the utmost importance. We will do whatever is necessary to ensure the information we receive from our customer is handled with maximum care, and in accordance with applicable law. Accordingly, PRUDENTIAL BORROWING has implemented specific policies and procedures governing:
- The use, collection and retention of customer information;
- employee access to customer information;
- sharing sensitive borrower information; and
- various requests for information.
Gramm-Leach Bliley Act
In addition to the Right to Financial Privacy Act, the Gramm-Leach-Bliley Act was passed in November 1999 to further protect consumer privacy. Title V of the Gramm-Leach-Bliley Act requires each financial institution to disclose to customers its privacy policy and provide borrowers with the ability to “opt-out” of sharing their nonpublic personal information with third parties and affiliates of the financial institution. This communication to customers must take place as they begin their relationship with the financial institution, and when they open subsequent relationships. A disclosure of the privacy policy must also be communicated to the customer on an annual basis. These disclosures must advise what information is gathered, how it is gathered, and how the financial institution will use the information.
The Gramm-Leach-Bliley Act serves many purposes. Not only must financial institutions disclose their privacy policies, but the customer must also be given the opportunity to “opt out,” or restrict, the information shared with third parties or affiliates of the financial institution for certain purposes. Some sharing is necessary to conduct transactions for the customer. After opting out, information may still be shared to do business. An example of this would be a check-printing vendor who completes a check order for our customer. The information shared is limited to what is needed to complete the transaction and nothing further.
To comply with consumer privacy, and to allow for an efficient “opt out” process for our customers and employees, PRUDENTIAL BORROWING has adopted a Privacy Policy that is the same across our network. It applies to consumers and business customers alike.
Customers may either “opt out” by checking the box on our e-blast notices or by sending a written request to Director of Operations. The reason for this is to make the process as simple as possible for the customer.
Additionally, all vendors PRUDENTIAL BORROWING does business with must have confidentiality agreements in place to protect customer information.
Consumers receive PRUDENTIAL BORROWING Privacy Policy with documents and disclosures and must be given the opportunity to “opt-out” at the time of closing their mortgage since this is considered the time at which the customer begins their relationship with PRUDENTIAL BORROWING.
The Gramm-Leach-Bliley Act serves many purposes. Not only must financial institutions disclose their privacy policies, but the customer must also be given the opportunity to “opt out,” or restrict, the information shared with third parties or affiliates of the financial institution for certain purposes. Some sharing is necessary to conduct transactions for the customer. After opting out, information may still be shared to do business. An example of this would be a check-printing vendor who completes a check order for our customer. The information shared is limited to what is needed to complete the transaction and nothing further.
To comply with consumer privacy, and to allow for an efficient “opt out” process for our customers and employees, PRUDENTIAL BORROWING has adopted a Privacy Policy that is the same across our network. It applies to consumers and business customers alike.
Customers may either “opt out” by checking the box on our e-blast notices or by sending a written request to Director of Operations. The reason for this is to make the process as simple as possible for the customer.
Additionally, all vendors PRUDENTIAL BORROWING does business with must have confidentiality agreements in place to protect customer information.
Consumers receive PRUDENTIAL BORROWING Privacy Policy with documents and disclosures and must be given the opportunity to “opt-out” at the time of closing their mortgage since this is considered the time at which the customer begins their relationship with PRUDENTIAL BORROWING.
