Mortgage Loan "Trigger Leads": What are They and How You Can Avoid Them

May 19, 2023

by Christian Phillips

Have you recently applied for a new mortgage loan? If so, you might be receiving unsolicited phone calls from companies and loan officers you’ve never contacted. Why is this happening? When prospective homebuyers have their credit information pulled, credit bureaus will sell their contact information to bidding companies known as “trigger leads.”

Trigger leads inform lenders that you are in the market for a mortgage. This enables them to propose “competitive offers.” Trigger lead offers are often misleading and “too good to be true.” Frandsen Bank & Trust recommends declining phone calls and discarding miscellaneous mail from unsolicited mortgage lenders.

Remember, your loan officer is not responsible for these intrusive phone calls and direct mail pieces. As previously mentioned, credit bureaus sell your contact information and place you on a prescreened list. These phone calls do not mean your credit information has been pulled again. In addition, third-party companies do not have access to your credit information, which means sensitive information has not been compromised.

How can we put a STOP to this?
  1. Opt-Out of prescreened offers.
  2. Register with the Do-Not-Call Registry, donotcall.gov.
  3. Contact the Federal Trade Commission.
  4. Contact Congress.
Do you think this is an invasion of your privacy? Voice your concerns by contacting your local congressional representatives or the FTC at ftc.gov.


 

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