Trigger Leads

Bruning Bank DOES NOT and WILL NOT share customer information with anyone! Yet, I had loan applicants question if I had shared their mortgage plans with anyone else. I assured them that their personal information was safe and secure. My loan applicants were confused as they were receiving multiple mortgage offers from other banks when I was the only person they had talked to. How could this be happening?      

When I asked other loan officers at Bruning Bank if they had ever experienced this with any of their loan applicants, it was surprising how many had. We were all just dumbfounded. How could other mortgage loan companies be finding out this information? It wasn’t until a couple of Bruning Bank’s mortgage loan officers attended a conference and the topic of “trigger leads” was discussed. This was exactly how their information was being shared.     

To understand how “trigger leads” happen, one must understand the mortgage loan process. The mortgage loan process is really the same no matter what financial institution you talk to. When making the decision to purchase a home or make upgrades to your current home, you usually go visit with a reputable mortgage lender.  During that visit, personal information is obtained, and the approval process starts. This approval process includes the mortgage lender pulling your credit report. This one step is the trigger. The credit bureau(s) then turns around and sells your information to other mortgage companies. It’s not against the law for credit bureaus to sell your information to third-party vendors. In fact, the Fair Credit Reporting Act allows the sale of your name. Thus, you just became a “trigger lead.”     

Now that we know how one becomes a “trigger lead”, how do we stop it? Here are three ways to stop “trigger lead” harassment: 1. Register your phone number, as well as your cell phone number, on the National Do Not Call Register by going to www. donotcall.gov. Please register your number(s) at least a month before applying for a loan, as it takes 31 days for the registry to become effective. This registration never expires. 2. To prevent other mortgage lenders from sending you direct mail, register with DMAchoice to opt-out. Simply go to www. dmachoice.org. If you register online, there will be a $4.00 online administrative fee. You can also mail in your registration. There is a $5.00 processing fee for each completed form. The fee can be paid by check or money order. Do not send cash. Your registration is good for 10 years. An added feature to this registration is there are selections where you can opt-out the deceased, as well as a caretaker. There is no fee for a deceased registration. The caretaker registration comes with a $4.00 administrative processing fee. 3. To stop the four credit bureau agencies (Equifax, Experian, Innovis, and Transunion) from selling your name as a “trigger lead”, sign up for Opt Out Prescreen. The Fair Credit Reporting Act allows the four credit bureaus to sell your name. But opting out online will stop “trigger leads” for five years. If you wish to opt-out forever, you can mail in the form. Register at www. optoutprescreen.com.     

When making a decision of this caliber, you do not want to be bombarded with phone calls or mailings offering up bogus loan deals.  You want to deal with a trusted professional, not a telemarketer.  Bruning Bank’s mortgage professionals are here to see you through the process and answer all your questions. We also want to help keep you informed, as trigger lead harassment can continue even after your transaction is done. If a deal sounds too good to be true, check with your Bruning Bank mortgage professional before pursuing.

-    Janice Nozicka, Mortgage Officer (NMLS #474132)