About Westar Lending Group and what information we gather
The information we obtain from our Borrowers is used for verification purposes, Income & Credit loan qualifying and for regulatory requirements from both the State of California and the Federal Government.
Personal Information we obtain from our Borrowers:
Social Security Number
- Verbal request from our Borrower
- Copy of our Borrower’s Social Security Card
- Employer or Self-Employed Business information
- Complete copies of Federal 1040 Tax Returns
- Federal W2’s
- Paycheck stubs
Bank Account Information
- Name of Bank where account(s) are located
- Bank account number
- Bank account balances
- copies of bank statements
Mortgage Loan Information
- Mortgage company holding current mortgage
- Mortgage loan number
- Mortgage balance
- Mortgage payment history
- Credit Report ordered from a National Credit Bureau
- Mortgage payment history records
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 lending group 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.
The following are specific 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, our lending group is 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.
How we protect our Borrowers Personal Information
Credit Bureau and Consumer Reporting Agencies Policy
Do Not Call Policy
Our company complies with the Telephone Consumer Protection Act for all Borrowers who apply for real estate financing with our company. Do not call requests will be honored within “30” days from the date of request and will be effective for a period of “5” years from said date. No telemarketing calls will be made to residential or cellular phone numbers that appear on the Westar Lending Group’s Do Not Call List.
|Reasons we can share your personal information||Does WLG Share?||Can you limit this sharing?|
|For our everyday business purposes, such as processing and compiling client loan files, presenting proposed loan to Investors and interacting with Escrow and Title companies.||Yes||No|
|For our marketing purposes to offer our products and services to our borrowers||Yes||No|
|For joint marketing with other companies||No||We don’t share|
|For our affiliates’ everyday business purposes||No||We don’t share|
|For our affiliates’ everyday business purposes about our Borrowers transaction and file records||No||We don’t share|
|For our affiliates’ everyday business purposes about your creditworthiness||No||We don’t share|
|For our affiliates to market products and services to you||No||We don’t share|
|How does WLG protect my personal information?||We protect your personal information from unauthorized access and use, we employ security measures that comply with both State and Federal laws. These measures include computer safeguards and secured building and storage files.|
|How does WLG collect my personal information?||We obtain your personal information when you:|
1. Apply for a loan or give us your income information
2. Provide account information or provide employment information
3. Show your driver’s license
We also collect your personal information from others, such as credit bureaus, Title companies and from outside sources.
|Why can’t I limit all sharing?||Federal law gives you the right to limit only:|
1. Sharing for affiliates’ everyday information to market to you
2. Affiliates from using your information to market to you.
3. Sharing for non-affiliated to market to you
4. State laws and individual companies may give you additional rights to Limit sharing
|Affiliates||Companies related by common ownership or control. Affiliates ca be financial and nonfictional companies.|
|Non-affiliated||Companies not related by common ownership or control. Non-affiliated can be financial and nonfictional companies.|
|Joint Marketing||A formal agreement between non-affiliated financial companies that jointly market financial products or services to you.|
EQUAL HOUSING LENDER
Some products may not be available in all states. Restrictions apply. All rights reserved. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval. Approval may be subject to rate increases, satisfactory title and appraisal review, and no change in financial condition.
*Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.