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Congress asked to crack down on mortgage ‘trigger leads’

Congress asked to crack down on mortgage ‘trigger leads’

So what’s a trigger lead? When you apply for a home mortgage or a preapproval, the loan officer pulls your credit from the national credit bureaus. One or more of the bureaus then convert the fact that you are shopping for a mortgage into a commercial product — a trigger lead — for immediate sale to competing lenders. This allows those competitors to contact you and solicit your business before you get locked into the lender to whom you’ve applied.

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