What can I do if a mortgage lender disclosed information about my loan to the seller without permission?

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One Response to “What can I do if a mortgage lender disclosed information about my loan to the seller without permission?”

1. unisberkensap on: 1 November 2009 at 4:49 am

   Your financial privacy is protected under the Gramm Leach Bliley Act (1999/ amended 2003). The act prohibits financial institutions from sharing non-public information with third parties. Enforcement is by the FTC and violations would be a civil action brought forth by the U.S Attorney General’s office. The penalties are $100k max/per for the institution & $10k max/per for officers and directors.

   (Interest rate and payments are told in your buy contract so they would not be ‘non-public’.)

   Getting the US Attorney General to prosecute a violation at this level might be quite impossible. You might have better luck, and satisfaction, writing a letter of dis-satisfaction to the loan officer, cc his broker, and your real estate agent and question for some additional boot to keep you from terminating the contract. ( There are MANY ways to terminate and keep your earnest money)