Many of our clients report receiving dozens of calls and emails from various mortgage companies immediately after their first conversation with a loan officer. When a mortgage company pulls your credit report, a trigger lets the credit bureau know you are applying for a mortgage. The credit bureau can add your name and other personal data to a list of leads (aka Trigger Leads) used by data brokers, including competing mortgage companies, who then contact you to solicit business.
Earlier this spring, a bill (H.R. 2656) to prohibit credit bureaus from creating and selling these lists of consumer information was introduced to Congress. The National Association of Mortgage Brokers favors the bill; lenders report that the barrage of phone calls and emails from competing companies confuses and overwhelms consumers. The Consumer Data Bureau is against it, arguing that its practices maximize consumer choice.
While we wait for the bill to pass through committee and Congress, you can opt out of having your consumer information included on Trigger Lead lists.