It’s a new era for homebuyers applying for a mortgage. In what’s known as a “trigger lead,” consumers may receive 60 to 100 phone calls and texts soon after their credit is pulled for mortgage approval. The idea behind credit bureaus selling this information to lenders was to give homebuyers options, but the market has become over burdened with disreputable and deceptive lenders. This deluge of contact has become such an issue with consumers that there is pending legislation to prevent trigger leads.
Read more here: The trigger effect: Homebuyers face another challenge when applying for a mortgage
