Latest news with #triggerleads
Associated Press
03-08-2025
- Business
- Associated Press
BAC Applauds Landmark Passage of Trigger Lead Ban
WASHINGTON--(BUSINESS WIRE)--Aug 3, 2025-- The Broker Action Coalition (BAC) welcomes the passage of the Homebuyers Privacy Protection Act, bipartisan legislation that limits the sale of trigger leads. With the Senate passing the House version on August 2, the bill has officially cleared Congress and now heads to the President's desk. The BAC urges President Trump to sign the bill into law without delay. The passage of this bill through Congress marks the culmination of a multi-year advocacy effort—driven by the BAC, its advocates, and coalition partners. Led by the Mortgage Bankers Association (MBA), this united effort aimed to ban abusive trigger lead practices and curb the sale of consumer data without consent. This legislative victory would not have been possible without the leadership of Representatives John Rose (R-TN) and Ritchie Torres (D-NY) and Senators Jack Reed (D-RI) and Bill Hagerty (R-TN). Why Brokers Fought to End Trigger Leads When a consumer applies for a mortgage and their credit is pulled, credit bureaus sell that data as 'trigger leads'—including personal details like full name, contact information, and credit score range. Solicitors buy these leads and unleash a barrage of calls, texts, and emails, overwhelming homebuyers at a critical point in the process. All of this is done without the consumer's permission or proper disclosure. Some solicitors blur compliance boundaries, using deceptive language to imply connections with brokers or lenders. In addition to violating basic data privacy expectations, these tactics erode consumer trust and have been especially harmful to first-time homebuyers, non-native English speakers, and other vulnerable borrowers. The Homebuyers Privacy Protection Act ends these abusive practices while preserving narrow exceptions for pre-existing relationships and giving consumers the power to opt in. Thank You to the Partners Who Powered the Push Advocacy at this level doesn't happen alone. It takes investment, commitment, and shared belief in what's possible. The BAC is proud to recognize the partners that helped make this win possible: Equity Prime Mortgage (EPM), Pennymac TPO, The Loan Store, Inc., Rocket Pro, Paramount Residential Mortgage Group, Inc. (PRMG), Freedom Mortgage Wholesale Division, Newfi Wholesale, Gold Star Wholesale, and West Capital Lending. These partners stood alongside brokers and homebuyers to champion stronger consumer protections and real industry change. Continued Commitment to Homebuyer & Broker Interests 'The BAC was built to channel broker priorities into real policy wins. When we launched, we asked our earliest supporters to help set the agenda. The response was overwhelmingly clear: ending abusive trigger leads was our top priority. Today's congressional action delivered on that,' said Brendan McKay, BAC Chief Advocacy Officer and Co-Founder. 'This victory shows what's possible when brokers get involved, stay organized, and invest in advocacy.' 'This is a major win—but it's just the beginning,' added Rachel Clark, BAC Executive Director. 'If you want more of this kind of progress, brokers need to keep showing up—and start funding the fight.' About the Broker Action Coalition The Broker Action Coalition (BAC) is the grassroots advocacy channel uniting mortgage brokers and their supporters to fight for broker and homebuyer rights nationwide. The BAC aims to level the playing field between independent mortgage brokers and retail banks, to support inclusive homebuying policy change, and to fight for the needs of Veterans, minorities, and underserved communities to make the American dream of homeownership possible for more people than ever before. For more information or to support our advocacy efforts, visit View source version on CONTACT: For media inquiries, please contact: Name: Rachel Clark Executive Director, Broker Action Coalition Email:[email protected] KEYWORD: DISTRICT OF COLUMBIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: RESIDENTIAL BUILDING & REAL ESTATE BANKING TECHNOLOGY CONSTRUCTION & PROPERTY PROFESSIONAL SERVICES WHITE HOUSE/FEDERAL GOVERNMENT ONLINE PRIVACY CONGRESSIONAL NEWS/VIEWS PUBLIC POLICY/GOVERNMENT ADVOCACY GROUP OPINION FINANCE SOURCE: Broker Action Coalition Copyright Business Wire 2025. PUB: 08/03/2025 08:04 AM/DISC: 08/03/2025 08:04 AM
CBS News
05-06-2025
- Business
- CBS News
More Americans getting spam calls after credit pulled for mortgage loan
No one likes getting spam phone calls, but they can be particularly bad for people looking to buy a home. CBS News Miami research director Bryan Dyke found this out firsthand. Over the last few weeks, he said he's been inundated with calls, texts and voicemails concerning home loans and insurance. "It makes it impossible to use your device," he said. Dyke said it started after he had already applied for a loan from a lender that his realtor had recommended. He said after he filled out the online application, his phone started blowing up with numbers other than his lender. "They started immediately within minutes. Less than five minutes," Dyke said. A survey by found that 74% of Americans said they've received unwanted calls, text messages, and email after their credit was pulled for a loan or insurance policy. "It is currently legal, and we're trying to make it illegal," Orlando Diaz, president of the Florida Association of Mortgage Professionals, said. Loan spam calls, texts are legal Diaz said Dyke's situation sounds like a practice called "trigger leads." That's where information people put on loan applications is sold by credit bureaus without their knowledge or consent. "Without the credit bureaus selling that information, there is no way that any marketing company or lenders would find out that they're applying for a loan with somebody else," Diaz said. Diaz wants Florida law to ban licensed mortgage lenders in Florida from using information obtained from a credit bureau, unless they have a previous existing business relationship. He also would like Congress to ban the practice of selling personal information, unless the consumer opts in. CBS News Miami reached out to each of the big three credit bureaus (Experian, Equifax and TransUnion), but they referred us to the Consumer Data Industry Association. While the CDIA declined an on-camera interview, their President and CEO Dan Smith did issue a statement. "Mortgage lenders should not inundate consumers with unwanted telephone solicitations. We believe that the U.S. Congress is best positioned to address the root cause - telephone calls - while maintaining a competitive market that allows consumers to shop for a better deal," Smith said. Getting the calls, texts to stop can be a challenge Stefania Mogollon, a Miami realtor, said she gets these calls too, but they aren't offering her a loan. "I'm being bombarded by the same people trying to sell me their information so I can do business with them," Mogollon said. Dyke said he tried his lender's opt-out method to stop getting these calls, but it really didn't help. "It hasn't done anything for me. It's two weeks later. The calls have slowed but I'm still getting 10-15 calls a day," he said. Diaz says there are several ways you can opt out of getting these calls before applying for a mortgage. The Consumer Data Industry Association says there's an opt-out link for having your personal info sold for solicitation. Click here to sign up for the National Do Not Call Registry.
