Privacy

Privacy Policy

At, VERICO The Mortgage Leaders Inc. (Verico) (herein after referred to as “VERICO Broker”); we are committed to protecting the privacy and confidentiality of the personal information of our clients (individually, the “Client” and collectively, the “Clients”.) As financial service providers, we have a professional obligation to maintain in confidence information we receive within our role as a financial services provider. The purpose of this Privacy Policy is to advise clients as to why we ask for personal information, how we use it, what safeguards we employ, and how to contact us with privacy-related matters.

What Is Personal Information?

In this Privacy Policy, “Personal Information” means information that is gathered in connection with an application, pre-approval, request for information for a mortgage(s) or loan(s) and insurance or other product through VERICO Broker or VERICO Broker affiliates and is provided to, or collected by, VERICO Broker and its staff or by VERICO Broker's agents, associates, and affiliates on VERICO Broker's behalf (collectively, “VERICO Broker”).

Why VERICO Broker Collects Personal Information

VERICO Broker collects and uses Personal Information for the following purposes:

1. Provide mortgage brokering services to the Client and offer products and services best suited to their needs, including arranging and/or renewing loan(s)/mortgage(s), informing the client of group creditor insurance and other products offered or approved by VERICO Broker or its affiliates that may be of interest to the Client;
2. Checking Client credit worthiness through credit bureau inquiry and personal information agents who have information on a Client’s financial position.
3. Advising Clients of the financial options, as well as, ongoing developments of themortgage market and industry;
4. Auditing the services provided to our Clients;
5. Compliance with all municipal, provincial, federal and other applicable laws; and
6. Such other specific purposes which are communicated to the Client by a member of VERICO Broker before collection of such Personal Information.

Except when otherwise permitted by law, we will only use a Client’s Personal Information for the purposes identified to the Client. When Personal Information is to be used for a purpose not identified, we will take all reasonable steps to ensure that new purpose is identified prior to use.

How Do We Collect Personal Information?

The Client is our main source of information. With the Client’s consent, we may also obtain information directly from a third party to help us determine eligibility for various financial products and services. For credit matters, for example, it is essential that we know the clients’ financial worth as well as the clients’ credit record. We will also contact other lenders, financial institutions, credit bureaus and employers.

Consent is therefore important because without it, we will not be able to carry out the

appropriate inquiries and it might be difficult for us to offer the credit product requested. In most cases, consent is given on the forms used for specific products or, from time to time, on a separate form. The declaration of consent is clear and unambiguous.

Consent

A clients’ provision of Personal Information to VERICO Broker means that they agree and consent that VERICO Broker can collect, use and disclose such Personal Information in compliance with this Privacy Policy. VERICO Broker will not collect, use or disclose a Client’s Personal Information without the Client’s requisite consent, except in certain extraordinary circumstances. Such extraordinary circumstances shall include without limitation, when legal, medical or security reasons make it impossible or impractical to obtain consent or where it is otherwise in the best interests of the Client.

The most common method we use to obtain a Client’s consent is by way of the Client’s consent as confirmed by the application. Where practicable, we may also obtain a Client’s consent through oral communications or other written documentation.

Our Clients may withdraw their consent by written notice to us at any time, subject to any legal or contractual restrictions and reasonable notice. A Client’s refusal to provide, or subsequent withdrawal of, his or her consent may affect VERICO Broker's ability to provide the Client with mortgage services. A member of VERICO Broker will inform the Client of the implications of such withdrawal. To withdraw consent, a Client should contact the Chief Privacy Officer in writing at:

Attn: Peter Menicucci                 or                 Attn: Victor Jetha

Chief Privacy Officer                                       Alternative Contact

Verico The Mortgage Leaders                        Verico The Mortgage Leaders

885 Progress Ave.                                          885 Progress Ave.

Toronto ON M1H 3G3                                    Toronto ON M1H 3G3

(416)284-0240                                                (416)284-0241 

Use and Disclosure of Personal Information

We will use a Client’s Personal Information to provide financial advice and services to the Client, to administer our database, to include Clients in direct marketing Activities and for the other uses described above under the heading “Why VERICO Broker Collects Personal Information". Under certain circumstances, VERICO Broker will disclose a Client’s personal information to third parties. Specifically, Personal Information may be used, shared and disclosed to, from, or with, the members of VERICO Broker, witnesses in a litigation proceeding, experts retained on a Client’s behalf, private investigators, agents retained on behalf of a Client, credit reporting agencies, credit bureaus, as well as such other third parties as are necessary to facilitate the matter for which the Client has retained our office and provided its consent.

Under certain circumstances VERICO Broker may disclose Personal Information where:

1. required or authorized by law to do so, for example if a court issues a subpoena;
2. a Client has consented to the disclosure;
3. when mortgage services by VERICO Broker are provided to a Client requiring us togive Personal Information about a Client to a third party (for example, to a lender in a real estate mortgage transaction) the Client’s consent will be implied, unless the client tells us otherwise;
4. where it is necessary to pull a credit bureau for purposes of processing a mortgagetransaction;
5. if VERICO Broker engages a third party to provide administrative or support services to us (such as computer back-up services, shredding or archival file storage) and the third party is bound by our Privacy Policy;
6. protection of VERICO Broker's best interests;
7. protection of public interests such as the denouncement of criminal Activity such as fraud or money laundering. In all such cases, authorities are contacted and personal information may be disclosed;
8. if we retain a law firm(s) to Act on our behalf for any reason; or
9. if the information is already publicly known.

Limiting collection and retention of Personal Information

VERICO Broker limits the collection of a Client’s Personal Information to that which is

necessary for the purposes identified in this Privacy Policy as same may be amended from time to time, or for any additional purpose identified to the Client before the collection of the Personal Information. As well, Personal Information is not used or disclosed for purposes other than those for which it was originally collected, except with the consent of the Client or as otherwise permitted by law.

VERICO Broker will retain Personal Information only for so long as it is needed to fulfill the purposes for which it was obtained and to meet our professional requirements as set out our governing regulatory bodies and/or any other legal requirement, statutory or otherwise, from time to time.

Accuracy

VERICO Broker strives to ensure that a Client’s Personal Information is as accurate, complete, and up-to-date as is necessary for the purposes for which it is used.

Safeguards

VERICO Broker endeavors to maintain adequate safeguards to protect against loss, theft, unauthorized access, disclosure, copying, use or modification of Clients’ Personal Information in the care of VERICO Broker. VERICO Broker uses various methods to safeguard personal information, including physical security, computer and electronic security, destruction of information no longer needed, and contractual protections with third party data processors.

Protection

Client lists are never passed on to third parties other than affiliated members of VERICO Broker. When they are hired, our employees and agents must undertake to respect the confidential nature of client information. Only employees and associates who need to view the file as part of their work have access to this information.

Accountability, Openness and Client Access

VERICO Broker is responsible for the Personal Information under its control and has appointed a Chief Privacy Officer to oversee our efforts to comply in all material respects with applicable privacy legislation and the terms of this Privacy Policy. The Chief Privacy Officer and those designated by the Chief Privacy Officer address and investigate questions or concerns regarding a Client’s Personal Information. VERICO Broker will provide a Client access to their Personal Information. The Client may correct or amend any inaccuracies in the Client’s Personal Information. VERICO Broker has the right to refuse a request for access to Personal Information if:

1. The information is protected by legal privilege;
2. Granting access would reveal confidential commercial information;
3. The information was collected for purposes related to the detection and prevention of fraud;
4. The information was generated in the course of a formal dispute resolution process;
5. The information would likely reveal personal information about another individual;
6. The request is vexation or frivolous;
7. To protect our firm’s rights and property.

Changes to Privacy Policy

VERICO Broker will from time to time review and revisit privacy practices and this Privacy Policy.

VERICO Broker Web site

Our Web site may contain links to other sites, which are not governed by this Privacy Policy.  On our Web site, like most other commercial Web sites, we may monitor traffic patterns, site usage and related site information in order to optimize our web service. We may provide aggregated information to third parties, but these statistics do not include any identifiable personal information.

Communicating With VERICO Broker

We recognize that convenience and quick access to advice must be balanced with security needs. We use many different means to communicate with clients, some of which are more convenient such as e-mail. If clients do not wish us to communicate by e-mail or fax or any other none verbal communication method, they may speak with the consultant/broker/agent handling the matter about alternative arrangements.

Attn: Peter Menicucci                 or                 Attn: Victor Jetha

Chief Privacy Officer                                       Alternative Contact

Verico The Mortgage Leaders                        Verico The Mortgage Leaders

885 Progress Ave.                                          885 Progress Ave.

Toronto ON M1H 3G3                                     Toronto ON M1H 3G3

(416)284-0240                                                 (416)284-0241 

AGENT PROTECTION OF DATA

All agents and brokers will take reasonable steps to protect personal data supplied by clients.

All original documentation will be kept in secure premises not accessible to the public. Once a file is complete, any un-required documentation will be returned to the client immediately.

Original documentation will be submitted to head office in either hardcopy or electronic

format prior to the closing of the transaction. While agents may retain copies of files, every effort must be made to safeguard the information on hand.

It should be noted that all files are the property of VERICO Broker. Although brokers and agents may retain data for marketing purposes, the clients belong to VERICO Broker.

Any documentation not further required, must be shredded immediately.

All electronic documentation must be password protected. Laptops containing client files shall not be left unattended in public areas.

HEAD OFFICE PROTECTION OF DATA

Head Office will take reasonable steps to ensure the security of the data of client files.

Scanned documentation must be adequately protected and catalogued. All client records and personnel records will be kept in locked cabinets or in secured electronic format. All computers at head office will be password protected and data will be backed up on a regular basis by a third-party source.