5 Steps to Protect Yourself from Mortgage Trigger Leads

Couple sitting at a table looking at a computer together in a home, smiling

As a homeowner, you know that one of the most significant financial investments you’ll make in your lifetime is your home. That’s why it’s essential to protect it, not only physically but also financially. One of the ways to safeguard your investment is by understanding the concept of mortgage trigger leads protection.

What are Mortgage Trigger Leads?

Mortgage trigger leads are lists of names and contact information of homeowners who have recently applied for a mortgage or refinancing. These leads are sold to lenders and mortgage companies who use them to pitch their loan products to potential borrowers. These leads are generated when a credit inquiry is made, which is a standard part of the mortgage application process.

Mortgage trigger leads are considered valuable because they are composed of people who are actively looking for a loan, making them more likely to be interested in a loan offer. However, these leads can be a source of frustration and annoyance for homeowners because they receive unsolicited calls and emails from mortgage companies.

What is Mortgage Trigger Leads Protection?

Mortgage trigger leads protection is a set of laws and regulations that aim to protect homeowners’ privacy rights. The protection is designed to prevent lenders and mortgage companies from misusing or mishandling sensitive information obtained from mortgage applications.

Mortgage trigger leads protection laws vary from state to state, but they typically require lenders and mortgage companies to obtain written consent from homeowners before using their information to market loan products. The laws also require lenders and mortgage companies to provide homeowners with opt-out options to prevent them from receiving unsolicited calls and emails.

Across the Farmers Bank & Trust markets in Arkansas, Texas, and Oklahoma, there are no specific laws that regulate the sale or use of mortgage trigger leads. However, mortgage lenders and brokers are subject to federal and state consumer protection laws that govern their marketing and advertising practices.

If you believe that a mortgage lender or broker has violated any of these laws, you may wish to consult with an attorney or file a complaint with the Attorney General’s office in your state or the Consumer Financial Protection Bureau (CFPB).

How can you protect yourself from Mortgage Trigger Leads?

If you want to protect yourself from mortgage trigger leads, here are five steps you can take:

  1. Opt out of prescreened credit offers: By opting out of prescreened credit offers, you can prevent lenders from accessing your credit report without your permission. You can do this by visiting OptOutPrescreen.com or by calling 1-888-5-OPTOUT (1-888-567-8688).
  2. Freeze your credit: You can place a freeze on your credit report, which will prevent lenders from accessing your credit report altogether. This can be a more drastic measure, but it can give you peace of mind knowing that your credit information is protected. Keep in mind that you’ll need to unfreeze your credit if you want to apply for credit in the future.
  3. Use a mortgage broker you trust: If you’re in the market for a mortgage, consider working with a mortgage broker that you trust. This way, you can avoid having your credit report accessed by multiple lenders, and you can work with a broker who has your best interests in mind.
  4. Read privacy policies carefully: When you fill out applications or forms, read the privacy policies carefully. Some lenders may share your information with third parties, so it’s important to know what you’re agreeing to.
  5. Be cautious of unsolicited offers: If you receive unsolicited offers for mortgages or refinancing, be cautious. Do your own research and make sure you’re working with a reputable lender or broker.

Farmers Bank & Trust Mortgage can help its customers opt out before pulling credit, but it will take around five days to go into effect.
By taking these additional steps, you can help protect yourself from mortgage trigger leads and ensure that your credit information is used only for the purposes you intend.

Member FDIC | Equal Housing Lender