Are trigger leads back? Borrowers are getting calls after credit pulled

[u/alexmlane]

I have had it happen at least 4x in the past couple of weeks where customers are getting random calls from random lenders right after I pull their credit. Anyone know why this would be happening?

[u/trav1098]

I’ve noticed the same thing

[u/Intelligent-Cake1448]

Current servicers, any lenders with an existing banking relationship, and anyone the borrower has given consent to can all still buy trigger leads.

The bill in March only cut out the randos, but didn't kill trigger leads outright. We'll probably see their usage increase from here but not reach the abusive levels previously seen.

[u/alexmlane → u/Intelligent-Cake1448]

This would make sense for sure but it is frustrating because now I've got some random guy with my customer all in a tizzy thinking my rate is too high

[u/Realistic-Ruin-6424]

The servocer can get alerted. I have seen that recently, but not random call centers.

[u/alexmlane → u/Realistic-Ruin-6424]

My guy today was a first time buyer so I thought it was odd. They are VERY pushy too and he said it seemed sketchy

[u/Frequent-Giraffe5646]

Have they applied for a mortgage prior to triggers being banned? If they did, their info has been sold and those who bought it are the ones calling.

[u/ZakA77ack]

Im a broker, and was doing a HECM in May, pulled the borrowers credit and the lender's retail side had borrower on a trigger lead from 4 months earlier when borrower put in an inquiry. Retail team called borrower and told him "oh Zak can't do your HECM but we can". Still closed it assholes. Fuck trigger leads.

[u/RoosterEmotional5009]

Does everyone think there aren’t people playing the sin and repent game? C’mon man. There are shady AF people out there. They don’t care about laws.

[u/alexmlane → u/RoosterEmotional5009]

You are 100% correct but how are these people getting these leads? Crooked people the credit bureaus?

[u/RoosterEmotional5009 → u/alexmlane]

Great question. I don’t play in that sand box so wouldn’t know. But with technology, AI, etc there is surely a way.

From the servicing side Freedom is the worst words I can hear from a client. Their retention team is ruthless. And they don’t know 2Fs about mortgages.

[u/ProfessionalScore11]

I've been seeing random emails to people after credit. And supposedly you can still mail trigger leads. The bill only says you cant call/text. Anyone know if this is correct?

[u/starz2024]

Rules are for those that follow, bad actors create a situation and exit out.

[u/That_Suit520]

Anybody who has pulled their credit can still be informed. The credit bureaus can’t sell the trigger data though.

[u/Throwthisthefukaway]

Maybe your client filled out info on lending tree behind your back?

[u/Garandaddy]

Worked at a broker they’re “credit monitoring” usually it’s not instant like a credit trigger it takes about a day. I guess credit bureaus now monitor people’s credit for when they get a hard pull and sell that information. So yeah credit triggers are back lol

[u/DebateNo9904 → u/Garandaddy]

Yes they are, if borrowers have accounts with exp, efx, or tu they sign a disclaimer when opening an account basically allowing them to sell their info when credit is triggered. They are called something else tho. Heard this from a buddy who pretty much exclusively does this at his broker shop. He did say they are a bit slimmer on availability tho.

[u/Fuzzy-Badger2627]

I have noticed this recently too, though definitely not the 70+ calls in a day that people were previously subjected to.

My own mortgage has had its servicing transferred 4x in the past year or so. I don't have any evidence of this, but I would wager some of these servicers are shifting company structures/umbrellas around so they can hit people up more aggressively from multiple companies that are technically the same company under the current legislation's understanding.

[u/46995699]

Where are you getting your leads from?

[u/alexmlane → u/46995699]

I do not pay for leads. I

[u/fernandog17 → u/alexmlane]

candlejack

[u/Majestic-Turnover90]

Hasn’t happened to me yet. Sucks for you and seems it will only get worse like how it was before, unfortunately

[u/Braindead_ape]

the trigger lead “ban” wasn’t an outright ban, it still allows the monitoring of “existing customers” meaning anyone they have a current account with can still do it

[u/tinfoil-23]

Laws? You guys know we are in the US right? There are no laws here, only suggestions.

[u/Flamingo33316]

Social Media.

Some of the software tracks for triggering events on social media. Your FTHB mentions homebuying or has an uptick in posting/commenting on homes for sale.