When I purchased my first Lexus several years ago, Lexus Financial gave me a one-page confidentiality statement regarding our relationship since I was financing the car through them. I kept the statement and I started thinking about it...I have now incorporated it into my Resident Handbook so that residents KNOW how I handle their financial information:
CONFIDENTIALITY: There are limited instances whereby we can disclose or discuss the terms of our relationship and the status of your lease agreement without your written consent. Any request for information on your lease status should be requested in writing by all parties who signed the original lease agreement.
I only accept requests for landlord verifications in writing (with appropriate $25 fee); and I do not provide copies of tenants' lease agreement to the property owner EXCEPT in the instance of refinancing and then I scan and e-mail it to a specific person at the mortgage co. If a property is closed with a tenant in place, I will copy the lease and send a COPY and retain the original with original signatures and I will advise the tenant IN WRITING that the property owner has been provided with a copy of their lease.
I do not download/print applicant credit reports (they remain available online as I use Clear Screening) so that information is not in my file and is never provided to property owners.
As property managers we need to be considerate of our owner/client financial information AND the information on prospective residents AND tenants.
How do you safeguard this sensitive financial information???
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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Since we have social security numbers on applications, those need to be safeguarded as much as possible. Keep them in a secure area preferably under lock and key at night. Alarm your office so intruders cannot get ahold of them.
As a property owner, I think I would be entitled to a rental agreement on my own property, whoever is managing it. Having the names and terms of a lease is not a big secret or special deal. After all, the deed on a property is public information that anyone can get. If you won't give them their own rental agreement unless they refinance, do you only give it to the lender? What if they change lenders?
This is a good topic as identity theft is an important issue right now.
Robert * I scan and e-mail my 6 page lease to lender * to a specific person * so that I have a record as to where it went.
I disagree that the lease and ancillary tenant documents transfer to the property owner...the owner may own the home; however, the tenants' utility bills in THAT home are confidential and I see the lease as the same. My s-corp is the landlord and the owner identification is not required in the lease or Virginia statutes.
I do have to provide a copy of the lease to several gated communities which I do and acknowledge in the tenants' lease.
By using PROMAS, our monthly financial statements provide the tenants' names and length of lease as well as their deposit amount.
An owner just refinanced, I e-mailed the lease and the mortgage company then wanted copies of my checks to the property owner. I indicated I could easily send my copy of the 2nd check stub and Y2D financial statement and they backed down.