Mortgage Pre-Screening – What Is It? What is a Trigger List?
Now that the real estate slowdown has occurred and the mortgage companies are unable to use 100 percent loans for the most part, there is some angst in the mortgage world. To generate more volume mortgage companies are using mortgage prescreening tricks to try to get new customers. And it is hurting more and more people.
Mortgage prescreening occurs when you apply for a mortgage. One of the first steps is a credit check with the 3 major credit houses. When that credit check happens, something else evil also occurs.
The credit agencies, Equifax, Experion, and TransUnion, immediately turn around and sell your credit information to other mortgage brokers. And when I say immediately, it occurs within a matter of hours.
The selling of the information by credit agencies to mortgage brokerages is called the Trigger List.
And what happens next is what hurts thousands of people every month. Their phones start ringing with mortgage offers from desperate brokers who just spent a good deal of money on a lead about you. And they will make offers of lower rates and better terms that may or may not pan out.
But if you apply with these folks odds are the deals will not go well for you as the multiple applications for mortgages will impact your credit rating and potentially cause the initial loan to fall through.
We will talk about how to avoid mortgage prescreening in a future post and what the federal government is doing about it.
Very funny comparison. However you don't need to pay property tax on Barbies 3 Story Dream House. With the unemployment ...
My wife has actually decided to study for and get her real eatate licence just so we dont ever have ...
I like your analogy in this article. The real estate economy really is like a patient who you cannot ...
Real Estate is hyper-local. Every market is different. Phoenix has already hit bottom and is starting to recover. We have ...
Great to hear that the big boys
are predicting recovery sooner than
most think.
Thanks for the value! 
I agree--good analogy. You have to crawl before you can walk. Right now, at least in Austin, many people would ...
I live in the Philippines and I am glad we are not on the lists... 
I have a few Litograghs of Presidents homes , made by Richard V. Sebring. yr. 1990 Do they have any ...
