The Trigger Leads Ban Is in Effect: What Mortgage Brokers Should Do Now
For years it worked like this: a borrower applied for a mortgage, the credit pull registered at the bureaus, and within hours the bureaus sold that borrower’s information to competing lenders. The phone lit up. Some borrowers reported being contacted dozens of times in the first day, and the National Association of Mortgage Brokers cited cases of more than 100 contacts within 24 hours of a single application (that figure is NAMB’s, from its advocacy for the bill, but anyone who’s had a client apply recently knows the experience it describes). ...