I've always considered an individual who is on the mortgage but not on the note to not be a "customer" of the institution. As a non-customer, I do not believe the individual on the mortgage but not on the note is not eligible to receive information regarding the loan without the note signer's authorized written consent. Is my understanding correct? Thank you.

From Regulation P: Privacy of Consumer Financial Information

Sec. 216.15 Other exceptions to notice and opt out requirements.

(a) Exceptions to opt out requirements. The requirements for initial notice to consumers in � 216.4(a)(2), the opt out in �� 216.7 and 216.10, and service providers and joint marketing in � 216.13 do not apply when you disclose nonpublic personal information:

(2) (iv) To persons holding a legal or beneficial interest relating to the consumer.



The person pledging the collateral would have a beneficial interest in the transaction.

Thank you for the citation, Dan.

The above states that we may disclose information to a non-borrower who is on the mortgage, but it doesn't state that we must. Are we free to operate on a case-by-base basis depending on who is making the request and what information is being requested? Are we obligated to provide any/all information if we do elect to release information or can we limit what information we provide?

Only if you want to stand in front of the judge at foreclosure and tell them that yes, this person asked about information on this loan since they pledged their property in order for us the grant the loan and yes, we refused to provide them any information regarding the status of the loan after we made the loan. They are a party to this transaction no different than the people that signed the note. Why in the world would you refuse to release any information that was related to the actual loan to them?

I, of course am assuming, they are not asking for information other than the status of the loan.

What information are you exactly referring too?

That also helps clarify things - thank you. I am not referring to any information specifically, I am just trying to ensure I understand our expectations when it comes to non-borrowers on the mortgage. I agree that we should provide information when the property is delinquent.

I think Randy's saying you should provide information when asked, not just in delinquencies. If I walk in and want to know if my husband made the mortgage payment this month, are you going to refuse to tell me because we're not delinquent?

I agree with the above, If I signed my name to anything that has repayments with it and I come into the bank to see if the payments are being made or even the balance, I want to have access to all information.