The National Association of Mortgage Brokers Advocates for Immediate Legislative Changes to Ban or Limit Trigger Leads
WASHINGTON (PRWEB) June 27, 2018 -- The National Association of Mortgage Brokers (NAMB) urges its membership base and the public to demand their local legislators in the United States House of Representatives to ban or limit trigger leads by adding appropriate legislative language to HR4028 and S1982 - The PROTECT Act 2017.
Triggers Leads are mortgage leads of hard inquirers on a consumer’s credit that are populated daily by the nation’s credit bureaus. It is critical to have criteria in place to protect consumers when they apply for a mortgage or refinance, mortgage originators are unable to prevent the inclusion of their borrowers' personal information on "trigger lists" sold by credit bureaus. Consumers get called and are often confused by the borrower; and in the worst case fraudulently trick the borrower. Many times, the borrower believes the mortgage originator sold their name on the internet which is both a deterrent and improper for the industry.
“This practice handling consumer’s private information through trigger leads is a negligent practice for our industry and we are calling on our members, the public and furthermore congress to align themselves this initiative which protects people as they look to acquire property,” said John Stevens, President of NAMB. “We promise to work tirelessly with law makers, our members, state associations and communities across the nation until this language is updated on HR4028.”
For the public to engage and learn more about THE PROTECT Act 2017 click here. A quick link to learn of how to connect and identify a local lawmaker, click here.
Additional findings from NAMB:
• Consumers applying for a mortgage should not be public information. In the era of dark web practices and information being sold and numerous leaks and breaches of databases, the consumer needs to be given more control over their data.
• NAMB believes contacting the consumer during the complex mortgage process could be harmful and confusing and opens-up the possibility of fraud and unfair and deceptive activity.
• Under the Fair Credit Reporting Act (FCRA), credit reporting agencies are permitted by law to resell your information to prospective creditors without your permission, as long as the prospective creditor is prepared to make you a "firm offer of credit"
• For mortgages, trigger lists are traditionally used by creditors to monitor existing customers for signs of financial distress or to protect their interest in a pool of mortgages. NAMB believes this is a legitimate purpose and should continue.
ABOUT NAMB:
The National Association of Mortgage Brokers is the voice of the mortgage industry representing the interests of mortgage professionals and homebuyers since 1973. NAMB members include small business owners, loan originators, account executives, and other industry professionals. NAMB provides mortgage professionals with education opportunities and offers rigorous certification programs to recognize members with the highest levels of professional knowledge and education.
As the leading national trade association for this industry, NAMB is affiliated with State Associations throughout the country and represents the interests of more than 910,000* licensed and registered Mortgage Loan Originators and 39,000* licensed mortgage broker and mortgage lender businesses. NAMB’s active lobbying and advocacy efforts frequently focus on national and state issues. The Association hosts several meetings throughout the year. https://www.namb.org/
Joshua Steinfeld, National Association of Mortgage Brokers (NAMB), http://namb.org/, +1 339-225-1581, [email protected]
Share this article