The bill revolves around harassment of consumers due to trigger leads
The Mortgage Bankers Association’ (MBA) president and CEO, Bob Broeksmit, has released a statement regarding the introduction of the bipartisan Homebuyers’ Privacy Protection Act in the US Senate.
Broeksmit commended Senators Jack Reed and Bill Hagerty for being the ones to introduce the bill to the senate as a way to protect consumers as well as preserving the legitimate use of trigger leads during appropriate circumstances in real estate transactions.
“MBA and its members have led the industry in advocating for legislative reforms to stop the unwanted harassment of consumers resulting from trigger lead abuses,” said Broeksmit.
“We will advocate for this important bipartisan Senate bill, along with the Protecting Consumers from Abusive Mortgage Leads Act (H.R. 4198) introduced earlier this year and led in the House by Reps. John Rose (R-TN) and Ritchie Torres (D-NY), to be passed into law as soon as possible,” he added.
Trigger leads are what mortgage lenders, insurance companies, as well as credit card providers utilize in order to identify potential customers. When submitting an application for a loan, a customer’s lender is able to retrieve their credit report which will act as a “trigger” for lenders as well as other firms that may be looking for new customers.
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