Here are some frequently asked questions about privacy to help you understand this important issue.
1. Why did I get a privacy notice from Cornerstone Mortgage, Inc.?
Because of changes in federal law, Cornerstone Mortgage, Inc., is required to provide all customers with a notice explaining our privacy policies and practices. The notice describes how we collect and use nonpublic personal information.
2. What is “nonpublic personal information”?
“Nonpublic personal information” is information about you that we obtain in connection with providing a financial product or service. For example, this might include information such as account balances, income, assets, and payment history. Generally speaking, nonpublic information is information not available on public records.
3. Do you sell information about me to other companies?
No. We will not sell information about you. We honor the trust that you have placed in Cornerstone Mortgage, Inc. to keep information about you confidential.
4. When does Cornerstone Mortgage, Inc. share nonpublic information about me with third parties?
We limit the ways that we share information to the purposes permitted by the new law. These permissible information sharing exceptions fall into two categories:
- Processing and Servicing Transactions: Information is shared, as necessary, to service and process financial products and services that are requested by you, such as loan applications. Information is also shared in connection with maintaining and servicing your accounts, such as statement preparation, complaint resolution, or debt collection.
- Other Lawful or Required Purposes: The category includes a variety of permissible sharing situations, such as when you request or consent to have information shared, or when we share information with our auditors, attorneys, or accountants, government regulators, in response to subpoenas, and other circumstances where sharing information is permitted or required by law.
5. What is third party opt-out and why are some financial institutions offering this opt-out to their customers when Cornerstone Mortgage, Inc., does not offer it?
Cornerstone Mortgage, Inc. believes your privacy is so important; that we have effectively opted out for you. You may receive notice from other financial institutions with which you do business that include third party information sharing opt-out provision. Cornerstone Mortgage, Inc. is not required to provide you with a third party information sharing opt-out choice because we already restrict our information sharing practices to those allowed by law. In other words, our sharing practices are more conservative than those institutions that must provide their customers with third party opt-out.