PMI Privacy Policy

The PMI Group, Inc., its subsidiaries and its affiliates (collectively referred to as “PMI”) is committed to complying with applicable information privacy and security laws. PMI has prepared this Privacy Policy (the “Policy”) in order to explain how it collects, uses and protects Private Information it obtains about consumers in the course of providing products and services to its customers and to consumers where applicable.

SCOPE OF THIS POLICY

This Policy applies to personal information relating to an identifiable consumer collected by PMI, whether PMI obtains the information directly from the consumer or from one of PMI’s commercial customers, or otherwise obtains such information in the normal course of PMI’s provision of financial products or services (“Private Information”).

This Policy does not apply to information pertaining to employees of PMI or to any service provider or commercial entity.

This Policy is intended to govern all PMI directors, officers, employees, contractors, vendors and any other person whom PMI authorizes to access such information, except where such access is pursuant to specific legal authority.

TYPES OF PRIVATE INFORMATION COLLECTED BY PMI

PMI only collects Private Information which is essential to the purposes for which it was collected including those listed under the heading “Reasons for Obtaining Private Information” below.
PMI obtains Private Information concerning borrowers’ credit history, which may also include a credit score.
PMI also obtains Private Information about consumers’ financial condition including existing account relationships, obligations and sources/amounts of income and assets.
PMI also obtains identifying information such as social security/social insurance numbers, driver’s license numbers, addresses, phone numbers and any other relevant contact information.
PMI must also obtain information concerning the location, character, and value of the property securing an insured loan, as well as information about the terms of the insured loan itself.
In the event a claim is received, PMI may update all previously provided Private Information, as well as obtaining information relating to the circumstances of the default, and any information pertaining to a borrower’s personal bankruptcy filing or other legal proceedings involving the borrower or the property which secures the loan.
PMI may also perform an investigation to ascertain whether any of the information relied on to insure a loan was misrepresented. This investigation may include personal interviews with the borrower, and other parties having knowledge of the borrower’s financial situation, the value and condition of the property, or the transaction itself.
From time to time, PMI may offer credit counseling, debt management, default counseling, loss mitigation services, general information, promotional items or other services to consumers either directly or through a contractor or vendor. On such occasions, PMI or its agent may obtain Private Information directly from the consumer, relating to the consumer’s identity, demographics, contact information, financial condition, creditworthiness and other attributes.

SOURCES OF PRIVATE INFORMATION AND CONSENT

Requests for products and services from PMI which originate from a consumer's financial institution, will normally involve the transfer of Private Information from the financial institution to PMI. In the course of providing services, PMI may have occasion to receive additional Private Information from third party sources, such as credit reporting agencies, investigators, attorneys, and other service providers, or from consumers themselves.

PMI may also obtain Private Information online through its web sites, directly from consumers requesting promotional consideration, educational services and credit counseling services or referrals.
When a consumer obtains a product or service through a financial institution, the financial institution the consumer is dealing with will obtain the consumer's consent to share information with its own third party vendors, including PMI. Such consent must be sufficient to allow PMI to collect, use and disclose Private Information in the manner contemplated by this Privacy Policy.

If a consumer receives services directly through PMI or participates in promotions or counseling offered by PMI, the consumer’s consent will be obtained for the collection, use and disclosure of Private Information at the time of collection, if not otherwise already obtained by PMI or the consumer’s financial institution.

REASONS FOR OBTAINING PRIVATE INFORMATION

PMI will only collect, use and disclose Private Information for the following reasons:

to determine a customer’s eligibility for mortgage guaranty insurance and related products and administer and service such insurance and products;
to control risk;
to mitigate and recover losses and otherwise enforce PMI’s rights;
to evaluate and pay claims;
to prevent or investigate fraud;
to perform or facilitate credit counseling, loan modification or loss mitigation services;
to administer promotions which customers or consumers elect to participate in;
to respond to requests for general information;
to respond to government regulator requests for information;
as otherwise may be disclosed at the time of collection; and
to provide any other services requested.

HOW PMI OBTAINS PRIVATE INFORMATION

PMI obtains information from customers, consumers, contractors and vendors through any combination of the following:

electronic transmission over email.
electronic transmission over dedicated computer/network systems.
electronic transmission via secure Internet connections.
electronic transmission via removable electronic media.
facsimile.
voice communications. or
hard copy form.

ACCESS AND ACCURACY

An individual may access his or her Private Information held by PMI by contacting the Chief Privacy Officer at the address listed below to make a request in writing or by calling PMI’s toll free number, or through PMI's web site, also listed below. In order to obtain access to the information in PMI's records, requesting parties will be required to verify their identity. If any Private Information held by PMI is found to be inaccurate, PMI will, upon notice to and consent by both the individual to whom the Private Information relates and the provider of the information, make any necessary corrections to the Private Information.

DISCLOSURE OF PRIVATE INFORMATION BY PMI

PMI will only disclose Private Information to third parties as may be reasonably necessary in connection with the reasons for obtaining the Private Information described above and as otherwise required or permitted by law.
PMI does not use or share Private Information in order to market products or services not requested by the owner of the information.
In the event PMI finds it necessary to share information with any third party, PMI will require such third party to agree contractually to maintain the privacy and security of the information in a manner consistent with this Policy.
When Private Information is transmitted electronically to any third party, PMI requires that such transmissions be encrypted, and that passwords be securely passed to the recipient in a separate transmittal. Hard copies of Private Information may only be transmitted via secure traceable means.
When possible, Private Information will be masked or otherwise de-identified prior to being disclosed to any third party.

INFORMATION SECURITY

PMI will use a high degree of care to protect the security, integrity and confidentiality of Private Information in its possession. PMI will ensure that technological, organizational and physical safeguards which are commensurate with the sensitivity of the Private Information it collects, are implemented to protect against unauthorized or inadvertent collection, use and disclosure of such Private Information.

PMI will restrict access to Private Information to only those individuals who have a need-to-know the information in order to provide the financial products or services requested or as necessary to operate PMI’s business. Employees who have access to a consumer’s Private Information are required to protect it and keep it private.

LOCATION AND RETENTION OF PRIVATE INFORMATION

PMI will generally maintain Private Information in the United States of America. Private Information may be subject to the laws of local application in the jurisdictions where it was obtained and also where it is located.

PMI will not retain Private Information unnecessarily. Therefore, except as is required to fulfill legal/regulatory requirements or as necessary to maintain the integrity of PMI’s books and records, Private Information will be returned or securely destroyed consistent with applicable law, when it is no longer in use or needed for archival purposes.

NOTIFICATION IN THE EVENT OF UNAUTHORIZED DISCLOSURE

In the event PMI discovers or has a reasonable belief that Private Information maintained by PMI has actually been compromised by an unauthorized individual, PMI will notify the provider of the Private Information. If the provider is a business customer, such customer, rather than PMI, is generally expected to notify their consumer customers of the suspected breach as required or appropriate.

ADMINISTRATION OF PRIVACY POLICY

PMI has appointed a committee of individuals representing a variety of areas of the company to administer its policies and procedures for handling Private Information. This committee is led by a Chief Privacy Officer, who is appointed by PMI. Additionally, PMI appoints employees working in various capacities to oversee implementation of policies and procedures, and to advise the Privacy Committee.

Compliance with this Policy is the responsibility of every PMI employee. To that end, PMI provides notice to all employees of the contents of this Policy, and provides regular periodic training to employees on how to comply with PMI’s policies and with applicable law.

PERIODIC REVIEW OF PRIVACY POLICY

In addition to periodic evaluation of its own policies and procedures, from time to time, PMI engages the services of experts, including certified public accounting firms and consultants, to review PMI’s policies, procedures and compliance with its own policies and procedures, as well as with applicable law. Deficiencies are reported to the Chief Privacy Officer, the Privacy Committee (which includes the Chief Compliance Officer) and the Audit Committee of PMI’s Board of Directors as appropriate. Remedial measures will be implemented by PMI based on audit findings, where appropriate.

NOTICE OF PMI’s PRIVACY POLICY, ACCESS AND INQUIRIES

This Privacy Policy may change from time to time. Private Information collected will be used and disclosed in accordance with the Privacy Policy in effect at the time of use or disclosure. PMI's current Privacy Policy will be posted on PMI's web site, at the following address: http://www.pmigroup.com/privacy.php or a copy may be obtained by written request sent to the address below.

Questions or complaints regarding PMI's Privacy Policy or practices should be directed to any of the following:

Chief Privacy Officer
The PMI Group 3003 Oak Road,
Walnut Creek, California
USA 94597; or

by calling 1.800.288.1970; or

by contacting PMI’s Chief Compliance Officer through the online form located at: http://www.pmigroup.com/compliance.php

PMI has also developed an Online Privacy Policy that seeks to protect personal information you submit to PMI through the PMI web site. The current PMI Online Privacy policy is located on this web site. For further information, click here.

The mortgage insurance discussed on the PMI Web Site is underwritten by PMI Mortgage Insurance Co. in all states except New York, and by PMI Insurance Co. in New York.

Mortgage insurance discussed in this website is underwritten by PMI Mortgage Insurance Co. in all states except New York and by PMI Insurance Co. in New York.