We do not require access to any information
related to our clients (vLender.com users) customer base in order to deliver our
products or services. As a result of using vLender.com, our client's
customers will submit potential loan qualification data to our clients through
their web sites. This data is temporarily stored on a private client database
via an MIT secure server for retrieval by MIT clients for their use.
Immediately upon submission of an application by a client customer to a
clients web site, an email notification is sent to the client whereby they can
immediately log into their Business Process Manager (BPM) and download and
“Purge” the customer data from the MIT server. This process permanently deletes
any information from the MIT server related to the customer and cannot be
retrieved by the client or MIT.
vLender.com is restricted to gathering applicant information for a
mortgage loan. The vLender.com system uses data gathered on two standard
applications, the Fannie Mae Uniform Residential Loan Application (URLA) and a
short form containing up to 40 fields of limited information needed to qualify
for a mortgage loan. This information passes through the MIT server via the web
to the Virtual Lender client for retrieval and deletion by the client from the
MIT server.
