Goldin income verification

Casey2296 · #1 10-30-2024, 11:48 PM

Quote:

Originally Posted by Peter_Spaeth

Why is it a false equivalence?

The mortgage industry is a highly regulated industry when it comes to financial information, how we ask for that information, how we protect that information, how we can use that information, and how we store that information just to name a few.

I would posit the unregulated AH industry has little to none of those protections. I may be wrong but I don't think so.

Mark17 · #2 10-31-2024, 12:02 AM

Quote:

Originally Posted by Casey2296

The mortgage industry is a highly regulated industry when it comes to financial information, how we ask for that information, how we protect that information, how we can use that information, and how we store that information just to name a few.

I would posit the unregulated AH industry has little to none of those protections. I may be wrong but I don't think so.

I now have an identity and credit monitoring account. It was provided to me free of charge, because the 3rd party servicer of my mortgage had a data breach. That means, all of my financial info provided to my mortgage company was compromised.

So much for mortgage industry regulations and protections.

Casey2296 · #3 10-31-2024, 01:40 AM

Quote:

Originally Posted by Mark17

I now have an identity and credit monitoring account. It was provided to me free of charge, because the 3rd party servicer of my mortgage had a data breach. That means, all of my financial info provided to my mortgage company was compromised.

So much for mortgage industry regulations and protections.

No doubt, even with all the regulations that stuff happens way too often. I would imagine an unregulated AH industry is a crapshoot with how they protect your information.

Mark17 · #4 10-31-2024, 01:46 AM

Quote:

Originally Posted by Casey2296

No doubt, even with all the regulations that stuff happens way too often. I would imagine an unregulated AH industry is a crapshoot with how they protect your information.

Hopefully they look at it once and then destroy it.

With mortgages, I got the mortgage from one company, who had a 3rd party servicer. After a few years, they sold my mortgage to another company, which used a different servicer. After that servicer had their data breach, the current owner of my mortgage has now contracted with yet another servicer. So I provide all sorts of sensitive info to get a mortgage and then, without my consent, 4 other companies also end up with it and one of them gets hit.

I'd take my chances with Goldin over that scenario.

Peter_Spaeth · #5 10-31-2024, 08:32 AM

Quote:

Originally Posted by Casey2296

The mortgage industry is a highly regulated industry when it comes to financial information, how we ask for that information, how we protect that information, how we can use that information, and how we store that information just to name a few.

I would posit the unregulated AH industry has little to none of those protections. I may be wrong but I don't think so.

But your originally stated objection was not concern that your information provided to Goldin could be compromised, it was that you found the request personally insulting. Old time collector etc. etc. So I asked why that was the case if you didn't find a request by a bank insulting. You seem to be shifting arguments.

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