What is personal information?
Why does DYOM collect personal information?
DYOM collects and uses Personal Information for the following purposes:
- Providing mortgage brokering services to the Client(s) 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 DYOM or its affiliates that may be of interest to the Client(s);
- Checking Client(s) credit worthiness through credit bureau inquiry and personal information agents who have information on a Client’s financial position.
- Auditing the services provided to our Client(s), compliance with all municipal, provincial, federal and other applicable laws and other specific purposes which may be communicated to the Client(s) by a member of DYOM 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 does DYOM collect personal information?
The Client(s) 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 your eligibility for various financial products and services. For credit matters, for example, it is essential that we know your financial worth as well as your credit record. We will also contact other lenders, financial institutions, credit bureaus and employers. Your 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 you the credit product you request. In most cases, your consent is given on the forms used for specific products or, from time to time, on a separate form. You will notice that the declaration of consent is clear and unambiguous.
The most common method we use to obtain a Client’s consent is by way of the Client’s consent as confirmed by the applications CONSENT FORM. Where practicable, we may also obtain a Client’s consent through oral communications or other written documentation such as, but not limited to; Email, Text Messages, Instant Messengers, Facebook, Purechat and any other method we deem legally appropriate. 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 DYOM’s ability to provide the Client(s) with mortgage services. A member of DYOM’s team will inform the Client(s) of the implications of such withdrawal. To withdraw consent, Client(s) should contact the Chief Privacy Officer in writing at:
Attn: Chief Privacy Officer
2916B Dufferin Street
Toronto, Ontario M6B 3S8
Use and disclosure of personal information
We will use a Client(s) Personal Information to provide financial advice and services to the Client(s), referrals to third parties that may be directly or indirectly involved in a transaction, such as, but not limited to solicitors, mortgage agents, realtors, brokers, financial & insurance advisors, accountants, lenders, and credit bureau agencies such as EQUIFAX and TRANSUNION. We will also administer our database, to include Client(s) in direct marketing activities and for the other uses described above under the heading “Why does DYOM collect personal information”. Under certain circumstances, DYOM 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 DYOM, witnesses in a litigation proceeding, experts retained on a Client’s behalf, private investigators, agents retained on behalf of a Client(s), 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 DYOM may disclose Personal Information where:
- required or authorized by law to do so, for example if a court issues a subpoena;
- a Client has consented to the disclosure;
- when mortgage services by DYOM are provided to a Client requiring us to give 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;
- where it is necessary to pull a credit bureau for purposes of processing a mortgage transaction;
- protection of DYOM’s best interests
- 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 or if we retain a law firm(s) to act on our behalf for any reason;
- if the information is already publicly known.
Limiting collection and retention of personal information
DYOM 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.
DYOM 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 being used.
DYOM 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 DYOM. DYOM 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.
Client lists are never passed on to third parties other than affiliated members of DYOM. When they are hired, our employees and agents must undertake to respect the confidential nature of client information. Only employees who need to view your file as part of their work have access to this information.
Accountability, Openness and Client Access
To reach the Chief Privacy Officer or a member the Privacy Team, please call 647.931.3966 or 1.800.298.3966.
DYOM will provide client access to their Personal Information. The Client may correct or amend any inaccuracies in the Client’s Personal Information. DYOM has the right to refuse a request for access to Personal Information if:
- The information is protected by legal privilege;
- Granting access would reveal confidential information;
- The information was collected for purposes related to the detection and prevention of fraud;
- The information was generated during a formal dispute resolution process;
- The information would likely reveal personal information about another individual;
- The request is vexation or frivolous;
- To protect our firm’s rights and property.
Communicating with DYOM
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. Our emails are sent with industry standard 128 bit encryption. Such encryption however does not guarantee privacy and security as encrypted messages can nonetheless be subject to interception and translation. If you do not wish us to communicate with you by e-mail, please speak with the consultant/broker/agent handling your matter about alternative arrangements.
If you have questions or comments regarding the management of your personal information, contact:
Attn: Chief Privacy Officer
2916B Dufferin Street
Toronto, ON M6B3S8
Tel: 647.931.3966 or T.F. 1.800.298.3966