Can real estate agents steal your identity or commit fraud with your information? (more inside)

Question

What information are you supposed to give to a real estate agent when you're interested in a home? (Specifics please)

With the provided information can they steal your identity or commit fraud?

Answer 1

They can, but then they will lose their license and probably go to jail and or fined.  REALTORS® have to adhere to a strict code of ethics.

According to the National Association of Realtors Code of Ethics, “Realtors shall not knowingly use the confidential information of clients for the Realtor's advantage or the advantage of third parties.” Agents should ensure that the personal information of clients, employees and contractors that is in the agent’s possession is never disclosed without their written consent.



For safety reasons agents understand the importance of making a copy of the driver’s license of an individual not known to them before visiting a property.  And they should disclose to clients and prospective clients the company standard of care that will be applied to any personal or sensitive business information.

Social Security numbers, financial qualifications, credit information and data related to a consumer transaction should always be regarded as secret and subject to the highest level of protection.

Answer 2

As a Realtor I say you should only give them your name, phone number and maybe your email address.  Of course you should also give them the name and phone number of the mortgage broker that has pre-approved you for you purchase.  Sensitive information like your social security number and your mother's maiden name is reserved for the lender, not your Realtor.

Answer 3

If he is the one that is mediating between you and a loan officer, he's going to need all that information and more.  When I was applying for a mortgage, I had to fax my loan officer:  2 months of bank statements, my 2007 W-2, 2 pay check stubs, my driver's license, and my social security card.  Who knows why.  I was the easiest loan candidate, with 750 credit and low debt:income already at the start.

I'm concerned that he is doing the loan for you.  Don't you want to shop for better rates/fees among different lenders?  There's no reason that he needs to be the one that gets your loan, unless he is a really good mortgage broker, and you trust that he'll get you the best deal

Answer 4

As a real estate agent, I ask for nothing more than a person(s) name, since that is all I need for a real estate transaction.  The title firm will need the SSN to file the necessary papers for a purchase or sale with the state and/or federal government, but I have no use for that.