Virginia Consumer Data Protection Act Notice (VCDPA)

Overview

At Loan Simple, Inc. (Loan Simple), we are committed to protecting the privacy and security of your personal information. As a licensed mortgage lender, we understand the importance of your data and strive to comply with the Virginia Consumer Data Protection Act (VCDPA) to give you more control over your personal information.

This policy describes how we collect, use, store, and share your data and your rights regarding the information we process. Please read this policy carefully to understand how we handle your personal data.

1. Introduction to Our Privacy Practices

This Privacy Policy applies to all personal data collected by Loan Simple (referred to as “we,” “us,” or “our”) from consumers residing in Virginia. The VCDPA provides Virginia residents with specific rights related to their personal data, and we are committed to ensuring that those rights are respected.

2. Information We Collect

We collect various types of personal data from consumers during our business activities, including but not limited to:

  • Personal Identifiers: Name, address, email, phone number, Social Security number.
  • Financial Data: Income, credit history, employment details, tax information.
  • Transaction Data: Loan applications, payment history, account numbers, and other transaction-related data.
  • Sensitive Data: Data related to creditworthiness, financial status, and mortgage loan history.

We collect this information through forms, loan applications, communication with you, and other interactions with our website.

3. How We Use Your Data

We use the data we collect for the following purposes:

  • To assess and process your mortgage loan applications.
  • To evaluate your creditworthiness and offer mortgage products that best meet your needs.
  • To provide customer support and respond to inquiries or requests.
  • To comply with legal, regulatory, and compliance obligations.
  • To enhance and improve our services, website, and customer experience.

4. Consumer Rights Under the VCDPA

As a Virginia resident, you have specific rights regarding your personal data, as outlined below:

  1. Right to Access
    You have the right to request access to the personal data we hold about you, including the categories of data we process, the purposes for processing, and any third parties with whom we share your data.
  2. Right to Correct
    You can request the correction of any inaccuracies in the personal data we maintain about you.
  3. Right to Delete
    You have the right to request the deletion of your personal data, subject to certain exceptions (such as compliance with legal obligations or for purposes of fraud detection).
  4. Right to Data Portability
    You may request a copy of your personal data in a portable, machine-readable format that can be transferred to another service provider.
  5. Right to Opt-Out
    You have the right to opt-out of certain types of data processing, including:
    • The sale of your personal data to third parties (if applicable).
    • Targeted advertising or profiling used for marketing purposes.

5. How You Can Exercise Your Rights

To exercise your rights under the VCDPA, including requesting access to or deletion of your personal data, please submit a request through the following:

We will respond to your request within 30 days. If we require more time, we will notify you of the extension and provide the reason for the delay.

6. Virginia Appeal Notice

If we deny your privacy request, you may appeal our decision by contacting us at compliance@loansimple.com. We will review your appeal and provide a written decision within the timeframe required by Virginia law. If your appeal is denied, we will provide a method for you to contact the Virginia Attorney General to submit a complaint. 

7. Data Retention

We retain your personal data only for as long as necessary to fulfill the purposes outlined in this Privacy Policy, comply with legal obligations, or resolve disputes. When data is no longer needed, we will securely delete or anonymize it.

8. Data Security

We take the security of your personal data seriously. We employ reasonable administrative, technical, and physical safeguards to protect your data from unauthorized access, disclosure, alteration, or destruction. These measures include:

  • Encryption of sensitive data during transmission.
  • Access controls and authentication protocols.
  • Regular audits and security assessments.

Despite our efforts to secure your data, no data transmission or storage system is 100% secure. We encourage you to use caution when submitting personal information online.

9. Sharing Your Data with Third Parties

We may share your personal data with third parties in the following situations:

  • Service Providers: We may share your data with trusted service providers who assist us in processing mortgage applications, conducting credit checks, or providing customer support. These third parties are contractually required to protect your data and only use it for the specific purposes we direct.
  • Legal Requirements: We may disclose your data to comply with applicable laws, regulations, legal processes, or governmental requests.
  • Business Transactions: If we undergo a merger, acquisition, or sale of assets, your data may be transferred as part of that transaction, subject to applicable privacy laws.

We will not sell your personal data to third parties for marketing purposes.

10. Children’s Privacy

Our services are not intended for individuals under the age of 16, and we do not knowingly collect personal data from minors. If we become aware that we have inadvertently collected data from a minor, we will take steps to delete that data.

11. Changes to This Privacy Policy

We may update this Privacy Policy periodically to reflect changes in our data processing practices, legal obligations, or services. We will post any updated versions on this page and indicate the effective date of the revised policy.

Please check this policy regularly to stay informed about how we are protecting your data.

12. Contact Us

If you have any questions, concerns, or requests related to this Privacy Policy, or if you need assistance exercising your rights under the VCDPA, please contact us:

Loan Simple, Inc.
9800 Mt. Pyramid Ct., Suite 400
Englewood, CO 80112
303-333-2020
compliance@loansimple.com

Acknowledgement of VCDPA Compliance

By using our website and services, you acknowledge that you have read and understood this Privacy Policy and consent to the collection, use, and sharing of your personal data as described herein.