Residential mortgage originator PrimeLending has entered into a new business relationship with LifeLock, a provider of identity theft protection services.
Customers who apply for a mortgage with PrimeLending will be offered a 30-day free trial membership to LifeLock Standard. Additionally, consumers who close on a home loan with PrimeLending will have the first six-months of their LifeLock membership paid for by the Dallas-based originator if they choose to participate in this deal.
The partnership provides an "extra layer of protection to make sure a consumer's identity is not stolen during the homebuying process," Peter Beanland, senior vice president and director of business strategy at PrimeLending, told National Mortgage News in a phone interview.
Beanland said PrimeLending will not receive any referral fees for possibly increasing LifeLock's business volume due to this partnership. However, customers who sign up for LifeLock services have to directly contact the Tempe, Ariz.-based company to opt out of the renewal before their credit card is automatically charged after the 30-day free trial period ends for loan applicants, or before the seventh month begins for borrowers who close a loan, Beanland said.
LifeLock Standard is an identity theft protection service designed to safeguard an individual's credit and finances. The product provides proactive alerts to help identify potential threats before a hacker can steal a consumer's personal information.
The Department of Justice published a report called "Victims of Identity Theft, 2012," that revealed an estimated 16.6 million people, representing 7% of all individuals 16 or older in the United States, experienced at least one incident of identity theft two years ago.
"With identity theft on the rise, LifeLock can help provide our customers with peace of mind," said Steve Thompson, executive vice president and national production manager of PrimeLending, in a press release on Tuesday announcing the deal with LifeLock. "We see this relationship with LifeLock as one more way we can help our customers succeed at homeownership."
LifeLock did not return a phone call to comment on this partnership.
