How information about you is collected through our Website;
How we use and with whom we share this information;
How you can access and update this information; and
The choices you can make about how we collect, use and share your information.
If you have any questions regarding this Privacy Policy or our information collection and use practices, please contact us using the information in the “Contact Us” section below.
First Liberty Home Mortgage, LLC collects information from Website visitors and also obtains information from third parties (including from service providers) in the course of providing our mortgage and loan origination services
(our “Services”), which we may add to the data we obtain through the Website. The information collected through our website includes:
A. Personal Information
B. Non-Personal Information
We and service providers working on our behalf use information collected on our Website in a variety of ways intended to provide our Website and Services and to operate our business, including the following:
Initial Consultation: The mortgage broker begins by conducting an initial consultation with the borrower to understand their financial goals, needs, and preferences. During this consultation, the borrower provides personal and financial information, such as income, credit history, and debt obligations.
Mortgage Application: The broker helps the borrower complete a mortgage application, which includes detailed information about the borrower's financial situation. This application is used to assess the borrower's eligibility for various loan programs and to determine the maximum loan amount they can qualify for.
Credit Check: The mortgage broker obtains the borrower's consent to run a credit check to assess their creditworthiness. The borrower's credit history and credit score play a significant role in the mortgage approval process and affect the terms of the loan.
Documentation Verification: The broker collects and verifies various documents from the borrower, including pay stubs, bank statements, tax returns, and other financial records. These documents help establish the borrower's income, assets, and liabilities.
Shopping for Lenders: The mortgage broker works with a network of lenders and financial institutions. They use the borrower's information to identify lenders that are most likely to approve the loan at favorable terms. This involves matching the borrower's financial profile with lenders' requirements and loan programs.
Loan Comparison: The broker presents the borrower with multiple loan offers from different lenders. They explain the terms and conditions of each loan, including interest rates, loan types, down payment requirements, and closing costs. This allows the borrower to make an informed decision.
Loan Submission: Once the borrower selects a loan option, the broker submits the loan application and supporting documents to the chosen lender on the borrower's behalf. The lender reviews the application and conducts its underwriting process.
Communication with the Lender: Throughout the loan processing period, the mortgage broker serves as a liaison between the borrower and the lender. They provide additional documentation or information as requested by the lender and keep the borrower updated on the status of the application.
Closing Coordination: The broker assists in coordinating the closing process. This involves scheduling the closing date, ensuring all necessary documents are signed, and making arrangements for the disbursement of funds.
Post-Closing Support: After the loan is closed, the mortgage broker may continue to assist the borrower with any questions or issues related to the mortgage.
Data Privacy and Security: It is crucial for mortgage brokers to handle borrowers' information with the utmost care, ensuring it is stored securely and in compliance with data protection laws and regulations.
We may share, transfer, or disclose your information with lenders and other parties involved in the loan application process to facilitate the mortgage application and approval process. However, it's essential to do so in a manner that respects the borrower's privacy and complies with relevant data protection laws. Here's how a mortgage broker typically shares borrowers' information:
Informed Consent: Before sharing any borrower's information, a mortgage broker should obtain informed consent from the borrower. This consent is usually obtained through a signed authorization form or agreement. The authorization form specifies what information will be shared, with whom it will be shared, and the purpose of sharing.
Lender Selection: Once a borrower provides consent, the mortgage broker selects one or more lenders from their network or panel of lenders to whom they will submit the loan application. The selection is based on the borrower's financial profile and the lender's specific requirements and loan programs.
Loan Submission: The mortgage broker compiles the borrower's application, including the completed loan application form and supporting documents, such as income verification, credit reports, and asset statements. This information is then securely transmitted to the chosen lender(s).
Communication with Lenders: The mortgage broker serves as an intermediary between the borrower and the lender(s). They communicate with the lender to provide additional documentation or information as requested during the underwriting process. The broker may also negotiate on behalf of the borrower to secure favorable loan terms.
Privacy and Data Security: Mortgage brokers have a responsibility to safeguard borrowers' information. They should use secure channels for transmitting sensitive data, maintain robust data security measures, and ensure that all parties involved in the process, including lenders, adhere to data privacy and security standards.
Disclosure to Other Parties: In addition to sharing information with lenders, mortgage brokers may also need to disclose certain information to other parties involved in the loan application process. This can include title companies, appraisers, insurance providers, and government agencies.
Lender's Responsibility: Once the lender receives the borrower's information, they are responsible for the subsequent handling and processing of the application. Lenders have their own privacy policies and data protection practices, which borrowers should review.
Transparency: Mortgage brokers should maintain transparency with borrowers throughout the process. This includes informing borrowers about which lenders received their information, how it will be used, and any implications for their credit reports.
Data Retention: Brokers and lenders should adhere to data retention policies, retaining borrower information only for as long as necessary to process the loan application and comply with legal requirements.
Compliance: Mortgage brokers must comply with all applicable laws and regulations regarding the sharing and protection of borrowers' information, including the Gramm-Leach-Bliley Act (GLBA) in the United States and data protection regulations like the General Data Protection Regulation (GDPR) in the European Union.
Compliance with Laws and Law Enforcement; Protection of Our Rights. We may disclose your information (including your personal information) to a third party if (a) we believe that disclosure is reasonably necessary to comply with any applicable law, regulation, legal process or governmental request, (b) to enforce our agreements, policies and terms of service, (c) to protect the security or integrity of our Website or Services, (d) to protect the property, rights, and safety of [Company Name], our users or the public from harm or illegal activities, (e) to respond to an emergency which we believe in the good faith requires us to disclose information to assist in preventing the death or serious bodily injury of any person, or (f) to investigate and defend ourselves against any third-party claims or allegations.
In Significant Business Transactions. Your information, including personal information, may be disclosed and otherwise transferred to an acquirer, successor, or assignee as part of any merger, acquisition, debt financing, sale of assets, or similar transaction, or in the event of an insolvency, bankruptcy, or receivership in which information is transferred to one or more third parties as one of our business assets.
First Liberty Home Mortgage, LLC has certain measures in place to maintain the security, confidentiality and integrity of the information gathered through the Website, and to help protect against the loss, misuse and alteration
of such information. While we take measures to protect your personal information against security breaches and unauthorized access, we cannot guarantee that our safeguards will be effective all of the time against
all security threats.
This Privacy Policy may be revised from time to time. If we decide to make material changes to our Privacy Policy, we will make reasonable efforts to notify you of the changes by sending a notice to the primary email address
provided to us and/or by placing a notice on our Website.
If you have any questions, comments or concerns regarding our Privacy Policy and/or practices, please send an email to: jallee@firstlibertyhm.com
First Liberty Home Mortgage, LLC
[2415 E. Camelback Rd., #700
Phoenix, AZ 85016