The National .Association of Mortgage Brokers (NAMB) is urging its membership base and the public to demand that local law makers ban or limit trigger leads by adding appropriate language to credit bureau legislation currently under consideration in Congress. When a person applies for a mortgage loan, their mortgage professional pulls a copy of their credit report. This generates a "lead" that credit bureaus can then sell to other mortgage brokers or originators. Mortgage originators are unable to prevent the personal information of their borrowers from showing up on these "trigger lists." NAMB says that it is critical to have criteria in place to protect consumers when they apply for a mortgage or refinance. Consumers receive calls and can become confused; and in the worst cases, fraudulently tricked. Sometimes, the borrower believes that the mortgage originator sold their name on the internet-which is both a deterrent and improper for the industry.
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