Trigger Leads and How To Deal With Them
Let’s assume one is looking to buy a home. They call Fresh Home Loan, a local mortgage brokerage, and Broker Owner Garrick Werdmuller does his due diligence in running credit and approving your loan and THE NEXT DAY YOU HAVE 1`000 phone call loan solicitations.
Because the CREDIT BUREAUS sold your information!
Trigger leads were created by the national credit bureaus. When you apply for a loan, a credit report is drawn and this action triggers an inquiry. Ultimately, the credit bureau is made aware that you are searching for a loan and has the ability to sell your information to various lenders.
“If you ask me, it’s the sleaziest form of mortgage sales and a business model you could ever imagine.” Explains Garrick Werdmuller, Broker Owner of Fresh Home Loan Inc.
So how do you get out of it?
“I asked my friends at Advantage Credit, where we pull credit reports…HOW to OPT OUT?!!!” says Garrick Werdmuller.
This is the information given:
- – Register at optoutprescreen.com. This will opt a consumer out of unwanted solicitations for five years and it costs nothing. It does usually take one to two weeks for it to take effect so the earlier this is done, the better.
- – Sign up at the Do Not Call Registry, donotcall.gov. This is also free and should take effect within 24 hours, however a borrower may have already ended up on a trigger lead list prior to registering so could still receive calls for up to 31 days. Being on the DNC list does not mean all calls will stop. A consumer can still get calls for political reasons, from charitable organizations, survey calls, collection calls and some that are labeled “information calls.” Some brokers have used this last one as a loophole to get around the DNC registry. They will claim they are not trying to sell a person anything, but they are just providing information as to other options available.
- – Sign up at DMAchoice.com. This will stop loan offers and other offers from coming to your physical mailbox. There is a $2 cost for this.
For loan inquiries:
Fresh Home Loan Inc
All loan approvals are conditional and not guaranteed and subject to lender review of all information. Loan is conditionally approved when lender has issued approval in writing, but until all conditions are met, loan cannot be funded. Specified rates and [products may not be available to all borrowers. Rates subject to change according to market conditions and agreed upon lock times set by borrower. Fresh Home Loan Inc. is an Equal Opportunity Mortgage Broker in California. This licensee is performing acts for which a real estate license is required. Fresh Home Loan, Inc. is licensed by the California Department of Real Estate #02137513 NMLS # 2124104
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