Legislation will protect consumers by ending the practice of mortgage application data being sold to parties not associated with mortgage transactions
WASHINGTON, April 10, 2025 /PRNewswire-PRWeb/ -- The National Association of Mortgage Brokers (NAMB), the first and only national volunteer-led and membership-driven organization representing the interests of mortgage brokers and home buyers since 1973, announces its support of The Homebuyers Privacy Protection Act, legislation introduced today by Congressman John Rose (TN) and Congressman Ritchie Torres (NY) which was created to end harmful trigger leads' practices conducted by consumer reporting agencies.
The bill would prohibit a consumer reporting agency from furnishing a trigger leads unless the third party certifies to the consumer reporting agency that the third party has a current relationship with the consumer. The bill is tailored to give consumers more control over the information they receive as part of the homebuying process and eliminates trigger lead abuses while preserving their use in appropriately limited circumstances.
"The National Association of Mortgage Brokers is very driven and honored to work with members of Congress on this critical legislation to end trigger leads. NAMB and our members have been working with both the Senate and the House of Representatives on this issue for the past three congresses and today we hope these efforts will help many people across the nation put an immediate end to ugly trigger lead practices that places undue hardships on consumers, mortgage professionals and the entire marketplace," said Jim Nabors NAMB President.
Trigger leads occur when a consumer applies for a mortgage, and the inquiry to credit by the lender is a trigger that notifies the credit bureau that the consumer is interested in applying for financing. Trigger leads are then sold by the credit bureaus to data brokers (including other lenders) without the consumer's knowledge or approval. Consumers are then often bombarded with hundreds of calls that confuse consumers and seek to lure them away from their chosen lenders.
About NAMB: The National Association of Mortgage Brokers has been the only national volunteer-led and membership-driven organization representing the interests of mortgage professionals and homebuyers since 1973. NAMB provides mortgage professionals with advocacy, education, and rigorous certification programs to recognize members with the highest levels of professional knowledge and education. NAMB's active lobbying and advocacy efforts focus on national and state issues, protecting the interests of its members and borrowers. As the leading national trade association for the mortgage industry, NAMB is affiliated with state associations throughout the country and represents the interests of more than 546,800 licensed and registered Mortgage Loan Originators and 49,100 licensed Mortgage Broker and Mortgage Lender businesses throughout the U.S. www.namb.org
Media Contact
Joshua Steinfeld, Steinfeld Consulting, 1 339-225-1581, [email protected]
SOURCE Steinfeld Consulting
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