Privacy and Security with ERATE

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Privacy Statement

Information Collection and Use

There are two ways to obtain financing through our website. One is to have ERATE originate your loan and then broker your loan through a third party lender. The other is for ERATE to receive the personal information you input to our forms, or our affiliate forms, and then sell that information to 4 to 5 third party lenders who will compete for your loan. ERATE receives a commission through either process.
When you apply for a loan on the ERATE site you may be asked to enter both personal and non-personal information. We do not sell any personal information about you to any person or organization except: as authorized by you, to participating lenders. Participating third party lenders may contact you within 2 days either by email, phone or both. In order to get your loan approved and closed through ERATE, we must share some of the information with certain non lender third parties. These third parties are:

  • Appraisal companies
  • Credit agencies
  • Mortgage insurance companies
  • Title and Escrow companies

When you apply for a loan we collect the following information: Your name, phone number, address, social security number, email address, employer's name and address, income, assets, liabilities, and answers to questions of both personal and financial matters. This information is the same information that you would supply if you were applying for a loan by filling out a paper loan application.

The user should expect communication from the site with 24 hours. The communication will come in the form of an email. In most but not all cases there will be communication via telephone. Obviously if the user is obtaining financing, ERATE will use the form of communication which the borrower prefers.


Who we are

ERATE is licensed with the Department of Real Estate as a California broker. Our parent company, Progressive Capital Funding Corporation, is proud to have earned the ValueStar(TM) certification for providing superior customer service, having been independently audited for customer satisfaction.

We are approved with many wholesale mortgage lenders and banks throughout the country, many of whom you will be familiar with, offering lower rates on a wholesale basis to ERATE than they would make available directly to you, the consumer. ERATE services its first mortgage customers by searching our database of lenders to provide you with the loan program best suited to meet your needs along with our most competitive interest rates.

How the information is used

When you fill out a loan application form, with your name, phone number, email address, social security number, income, assets, liabilities, and answers to questions of both personal and financial matters we use this information to get your loan approved.


Limited distribution of your personal information

After you apply for a loan through ERATE we must share both personal and financial information with:

  • Appraisal companies
  • Credit agencies
  • Lenders
  • Mortgage insurance companies
  • Title and Escrow companies

ERATE must provide the above third parties with this information in order to get your loan approved and closed. We only share your information with third parties that play a role in getting your loan closed. In addition to these third parties we need to contact your employer and companies that hold your assets such as a bank. We ask that they verify information such as income from your employer and asset balances from your bank. We do not provide them with any information they don't already have.

Since ERATE is a licensed mortgage broker we are required to let the California Department of Real Estate audit customer loan files periodically. The purpose of these audits is to ensure that we are complying with the regulations in place to protect consumers.


How can consumers correct/update personal info?

Consumers are able to correct, access and update pertinent personally identifiable information they have provided ERATE. The mechanisms provided are either email, telephone or postal mail. The consumer should email to update-my-info@erate.com or call 1-800-587-3333 or mail information to ERATE, Update-my-info, 4675 Stevens Creek Blvd, Suite 230, Santa Clara, CA 95051. Upon receiving and making the requested changes we will send consumers a confirmation via email that we have received and updated their information as requested.


Security

In order to guard against the unauthorized access and use of information, our site features Secured Socket Layer (SSL) technology supported with digital certificates provided by DigiCert® Inc. SSL encrypts all information you input before it is sent to us.

Accordingly, when you apply for a loan online, all of your personal information is encrypted, creating a secure connection between you and ERATE.


DigiCert® Inc Security

ERATE takes every precaution to protect our users' information. When you submit sensitive information via the website, your information is protected both online and off-line.

When our loan application asks users to enter sensitive information that information is encrypted and is protected with the best encryption software in the industry - Secured Socket Layer (SSL) technology supported with digital certificates provided by DigiCert® Inc. While on a secure page, such as our loan application, the lock icon on the bottom of Web browsers such as Netscape Navigator and Microsoft Internet Explorer becomes locked, as opposed to un-locked, or open, when you are just 'surfing'. To learn more about SSL, follow this link While we use SSL encryption to protect sensitive information online, we also do everything in our power to protect user-information off-line. All of our users' information, not just the sensitive information mentioned above, is restricted in our offices. Only employees who need the information to perform a specific job (for example, our loan coordinator) are granted access to personally identifiable information. Our employees must use password-protected screen-savers when they leave their desk. When they return, they must re-enter their password to re-gain access to your information. Furthermore, ALL employees are kept up-to-date on our security and privacy practices. Every quarter, as well as any time new policies are added, our employees are notified and/or reminded about the importance we place on privacy, and what they can do to ensure our customers' information is protected.

If you have any questions about the security at our website, you can send an email to security@erate.com


Cookies

A cookie is a small text file that is stored on a user's computer for record-keeping purposes. We do use session cookies on this site within the secure loan application. A session ID cookie expires when you close your browser or after a period of inactivity while visiting our site. We do not link the information we store in cookies to any personally identifiable information you submit while on our site. We use session cookies to maintain your session during the loan application process. If your browser is set to decline cookies you may still use our site.

Third party vendors, including Google, show our ads on sites on the internet.
Third party vendors, including Google, use cookies to serve ads based on a user's prior visits to our website.
Users may opt out of Google's use of cookies by visiting the Google advertising opt-out page. To opt out of third party vendors.


Log Files

We use IP addresses to analyze trends, administer the site, track user's movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


Links

This web site contains links to other sites. Please be aware that ERATE is not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of each and every web site that collects personally identifiable information. The ERATE privacy statement applies solely to information collected by the ERATE website.


Inman News

ERATE subscribes to Inman News to provide additional content to its users. This content consists of a Glossary and two columnists. These pages do not collect any personally identifiable information. No information from these pages is gathered or shared.


Legal Disclaimer

We may disclose personal information when required by law or in the good-faith belief that such action is necessary in order to conform to the edicts of the law or comply with a legal process served on our Web site.


Notification of Changes

If we decide to change our privacy policy or security precautions, we will post a notification on our homepage so our users are always aware of what information we collect, how we use it, and to whom we share it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

If you have questions or concerns about our Privacy Policy, you should contact Nancy Osborne, CEO by mailing a letter to ERATE Privacy Policy, Attn. Nancy Osborne, 4701 Patrick Henry Dr, BLDG 16, Suite 100, Santa Clara, CA 95054 or send an email to privacypolicy@erate.com.


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