The Financial Services Modernization Act recently enacted by Congress has brought many changes to the financial services industry, which includes title insurance companies and their agents. One of the changes is that we are now required to explain to our customers the ways in which we collect and use customer information.
What kinds of information we collect. Most of Chattanooga Title's business is title insurance. We collect information about you, (for instance, your name, address, telephone number), and information about your transaction, including the identity of real property that you are buying or financing. We obtain a copy of any deeds, notes, or mortgagees that are involved in the transaction. We may get this information from you or from the lender, attorney, or real estate broker that you have chosen. Our title insurance company will then obtain information from the public records about the property so that we can prepare a title insurance policy. When we provide closing, escrow, or settlement services, mortgage lending, or mortgage loan servicing, we may get your social security number, and we may receive additional information from third parties including appraisals, credit reports, land surveys, escrow account balances, and sometimes back account numbers to facilitate the transaction. If you are concerned about the information we have collected, please write to us.
How we use this information. Chattanooga Title, Inc. does not share your information with outside marketers. There's no need to tell us to keep your information to ourselves because we share your information only to provide the service requested by you or your lender, or in other ways permitted by law. The privacy laws permit some sharing without your approval. We may share internally and with nonaffiliated third parties in order to carry out and service your transaction, to protect against fraud or unauthorized transactions, for institutional risk control, and to provide information to government and law enforcement agencies.