Source: Hannif Highclass
Publish:MY BLOG: Toronto Real Estate: March 09, 2012
When you visit your Mortgage Broker or Banker for the first time to obtain a mortgage pre-approval, there are certain documents and information you will be asked to provide so your mortgage application can be completed.
Here is a short list of what will be needed
What you have you worry about is the Social Insurance Number “SIN Card” asked for!”
The Commissioner isn’t too fond of using SINs on mortgage applications. Her office put out a report June 8 that states: A “SIN is not required to conduct a credit check.”
“There is no legislative requirement for the SIN to be collected for [mortgage purposes].” “The Office of the Privacy Commissioner is of the view that the SIN should not be used as a general identifier and organizations should restrict the collection, use and disclosure of the SIN to legislated purposes only.”
Assistant Commissioner Elizabeth Denham explains:
“We recommend that no private sector organization request the social insurance number from a customer, and that no customer give the social insurance number to a private-sector organization, unless the organization is required by law to request it.”
According to the Canadian Bankers Association, there is “nothing specifically legislated that requires banks to ask for a SIN for mortgage purposes.” “Specifically” seems to be the key word, however.
Lenders, in general, like to see SINs on mortgage applications. As CAAMP’s VP of Education and Professional Affairs, Mark Webb, notes: “Lenders ask for the SIN but the client has no obligation to provide it. If the client refuses then it is up to the lender to assess how they will respond to the application.”
From a practical consumer standpoint, the underlying question should be: is the person taking your SIN trustworthy and does he/she store clients’ information in an extremely secure manner. If so, then many feel that SINs should continue to be an essential fraud-prevention tool. Another consideration in the equation might be that some lenders won’t want to be working with you if you withhold your SIN information. So what are you going to do if you really want or need that loan?
The onus is on you!
Tips to protect your Social Insurance Number
When should you provide your Social Insurance Number?
You usually need to provide your SIN:
When should you NOT provide your SIN?
In some situations, private-sector organizations may ask you to provide your SIN. Please note that, although this practice is strongly discouraged, it is not illegal.
Examples of when you do not have to provide your Social Insurance Number or show your card:proving your identity (except for specific government programs)
Your Social Insurance Number:
A Shared Responsibility! Protect it! Safeguard it!
WEB See the Web site for more information on how to contact Service Canada and access the full range of Government of Canada programs and services.
CALL
1-800-206-7218VISIT
A Service Canada Centre
To find the Centre nearest you, visit our Web site, or call 1 800 O-Canada (1-800-622-6232). If you have a hearing or speech impairment and use a teletypewriter (TTY), please call 1-800-926-9105.WRITE:
Service Canada
Social Insurance Registration Office
P.O. Box 7000
Bathurst, New Brunswick E2A 4T1
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