Navigating the World of Mortgage Trigger Leads: Insights from Diamond Residential Mortgage Corporation
Hello to all our valued clients and friends at Diamond Residential Mortgage Corporation! Today, we're here to shed light on an essential topic for anyone in the mortgage market: mortgage trigger leads. Understanding this concept is key to a smooth and informed home-buying journey, and we're committed to providing you with the knowledge and assurance you need.
What are Mortgage Trigger Leads?
Mortgage trigger leads occur when credit bureaus inform other financial services companies that you are shopping for a mortgage. Financial services companies that buy this information from the credit bureaus receive a “lead” each time someone meeting certain criteria they set in advance has their credit pulled, which “triggers” the credit bureau to send your contact information to those financial services companies - hence the name trigger leads.
For example, a company may set a trigger that gets tripped every time a person in your geographic area with a credit score above 650 is shopping for a mortgage. If you meet those criteria and have your credit pulled by a mortgage company, the credit bureaus sell the fact that you are shopping for a mortgage, along with your contact information, to any lenders that have set triggers for the same criteria. Often the credit bureaus sell this information to dozens of other lenders simultaneously. This process can result in you receiving unsolicited phone calls, text messages, mail, or other contacts from the various lenders that purchased the information from the credit bureaus.
While intended to foster competitive offers, it can sometimes be overwhelming. Unfortunately, neither DRMC nor any other mortgage company has the ability to prevent the credit bureaus from selling your information, but you do. We’ll explain how below.
The CFPB's Perspective
CFPB Director Rohit Chopra recently addressed the complexity of trigger leads in a Senate hearing. He acknowledged that while these leads can be a source of confusion and unwanted contacts for consumers, the CFPB's authority to regulate this practice is limited.
However, they are committed to exploring ways to protect consumer privacy better. As more news comes from the CPFB, we will keep you informed.
How You Can Protect Your Privacy
We believe in empowering our clients with choices. To minimize these unwanted contacts, you can:
- Opt out of trigger leads by visiting OptOutPreScreen.com. This action stops credit bureaus from selling your information to other lenders. The process typically takes around five days to complete and only affects future lead requests, meaning you should do this before you apply for a mortgage or you may still receive some calls.
- Register your phone number with the National Do Not Call Registry to reduce sales calls. While this step alone does not affect trigger leads, it may reduce unwanted solicitations in general.
Your Privacy and Data Security
Your privacy and trust are paramount at Diamond Residential Mortgage Corporation. While we have no control over whether the credit bureaus sell your information, we assure you that DRMC does not sell your personal information to third parties during the application process. It's may be reassuring to know that in the case of trigger leads, your Personally Identifiable Information (PII) remains secure. Solicitors do not receive detailed personal data; they only know about your recent credit inquiry and contact information.
This means that your private information is protected, and the contacts you receive are general marketing efforts rather than based on an in-depth review of your financial background. At DRMC, we're committed to educating and empowering you to make informed decisions with confidence and peace of mind in your home financing journey.
Why This Matters to You
Being informed about trigger leads and how to manage them is essential. It helps you maintain control over your mortgage process and ensures you only deal with contacts you trust – like us at DRMC.
Our team, especially your dedicated DRMC loan officer, is always ready to answer any questions and guide you through the complexities of mortgage financing. Whether understanding trigger leads or exploring your mortgage options, your loan officer is an invaluable resource for accurate, up-to-date information and personalized advice.
If you have questions or need guidance navigating these aspects of your mortgage journey, we're just a call or click away. At Diamond Residential Mortgage Corporation, we're more than just lenders; we're your trusted partners in making your homeownership dreams a reality.
For more information or personal assistance, please reach out to us. We're here to help you navigate the mortgage landscape confidently and securely.
