Use of Your Information
We use your personal information to manage risk, verify your identity, to make credit decisions about you for financing or renewal purposes, to collect debts that you may owe to us, to administer our file with respect to your mortgaged property after closing and to communicate with you, for instance through email or mail, during the life of your mortgage about your mortgage, other products and/or services, or other mortgage-related information. Your information is also used to satisfy valid information requests from regulators and other organizations or individuals who are legally entitled to make such request. We may contact you occasionally either by mail, telephone or email, or all of these methods with direct marketing offers that may be of benefit to you. If you tell us that you no longer wish to receive information about other products or services, or other mortgage-related information, we will not send any further such material.
The Company does not disclose your personal information to any third party to enable them to market their products and services without your consent.
Disclosure of your Personal Information
Under certain circumstances, the Company will disclose your personal information:
- when we are required or authorized by law to do so, for example if a court issues a subpoena, search warrant, court order or other demand or enquiry which we believe to be valid. We may disclose information to an investigative body in the case of a breach of agreement or contravention of law to help prevent fraud, money laundering or other criminal activity;
- when you have consented to the disclosure;
- when the services we are providing to you require us to give your information to a third party your consent will be implied, unless you tell us otherwise;
- where it is necessary to establish or collect amounts owed to us;
- if the information is already publicly known; or
- if we sell, pledge or assign your mortgage or loan, or securitize it, sell parts of our business, or merge or amalgamate with other entities we may release the information we hold about you to the prospective purchaser or assignee as part of due diligence and on completion of the transaction, subject to confidentiality restrictions.
The Company does not sell or rent customer lists or personal information to others.
Updating Your Information
Since we use your personal information to provide services to you, it is important that the information be accurate and up-to-date. If any of your information changes, please inform us so that we can make any necessary changes.
Is My Personal Information Secure?
The Company takes all reasonable precautions to ensure that your personal information is kept safe from loss, unauthorized access, modification or disclosure.
Among the steps taken to protect your information are:
- premises security;
- restricted file access to personal information;
- deploying technological safeguards such as security software and firewalls to prevent hacking or unauthorized computer access;
- internal password and security policies; and
- Confidentiality agreements with any third parties we engage to provide administrative services to us.
Access to Your Personal Information
You may ask for access to any personal information we hold about you. Summary information is available on request. More detailed requests which require archive or other retrieval costs may be subject to a reasonable administration fee.
If the Company holds information about you and if you can establish that it is not accurate, complete and up-to-date, the Company will take reasonable steps to correct it.
Can I be Denied Access to My Personal Information?
Your rights to access your personal information are not absolute. We may deny access when:
- denial of access is required or authorized by law;
- when granting you access would have an unreasonable impact on other people's privacy;
- to protect the Company's rights and property; or
- where the request is frivolous or vexatious.
If we deny your request for access to, or refuse a request to correct information, we shall explain why. The Company does not use your Social Insurance Number as a way of identifying or organizing the information we hold about you.
How Long do you Keep my Personal Information?
We keep your personal information for seven years after the later of a) the date of your latest application to us, and b) the date that all of your loans/mortgages with us have expired or were terminated.