Comments on: Mortgage Trigger Leads May Be Shut Down By Federal and State Laws

By: charlyb

charlyb — Sat, 20 Jun 2009 19:37:42 +0000

Trigger leads can help the customer, but like any of the banks compete you win type lead- banks will lie to get you to the closing table.
Trust me loan officers do not love these things. Imagine working a loan, pulling someones credit, which by the way you paid to pull, and all of a sudden your customer gets 10 calls trying to nab the deal from you.

In any case- if your wondering what can and can not be done by loan pro’s in your state- this resource was great:

http://www.bankapedia.com/mortgage-encyclopedia/state-mortgage-laws

By: glenn

glenn — Wed, 05 Nov 2008 01:37:57 +0000

you gotta be kidding me! “mortgage trigger leads” posting a comment on the plus-side of trigger leads? no, that’s not bias or self serving…what a joke. “mortgage trigger leads” is a ridiculously unoriginal company with no redeeming marketing skills whatsoever. trigger leads are great for the trigger lead seller, period. get a real job losers!

By: Mortgage Trigger Leads

Mortgage Trigger Leads — Tue, 07 Oct 2008 20:16:40 +0000

Trigger leads are great for the consumer because it gives them the best deal. They have numerous companies contact them with better quotes then they already received. Sure the consumer gets a few more phone calls but I think that they can handle that if they save a few hundred dollars each month on their mortgage.

By: James

James — Mon, 21 Apr 2008 18:35:28 +0000

It’s funny that people who work for the banks have this idea in their head that they are upright and supreme, while the “lowlife” broker is “scum” and deceitful. Very comical indeed. It is the banks, that feed off of consumers, give kickbacks to congress to change laws in their favor, and ultimatley want to take every dollar from every person, broker, and LO inside and outside of their corportation that has low morals. Yes, there are lowlife people in every aspect of life. But there are also very good people. Do you ever ask yourself why a bank NEVER has to disclose YSP, yet brokers do? Why a bank CANNOT waive its commitment fee, yet a Broker can waive their app fee? Its because the industry is filled with greed, and it starts at the top. Find me a broker house that pays its CEO $300 Million as a bonus, and then we can talk about who the “Scumbag” is. And no, I am not a first year LO, I have a masters degree in finance, and just find it funny when people on their high horse, who rob from EVERYONE, talk down on others to try to make themselves feel good. Countrywide, Citi, Bank of America, Chase, Wells Fargo, ect… They all try to steal business, and take EVERY dollar they can. Realize when you look in the mirror, the person you really see.

By: Tom

Tom — Thu, 20 Mar 2008 21:54:01 +0000

Stephen,

If you are ethical they can be a benefit to the consumer, but the problem is that most trigger guys are not. Bait and switch are typical in the field and thus give it a bad name.

Sort of like speeding. If every one did 10 mph over the speed limit and drove safely, few would have a problem. But there are the idiots going 30 mph over the speed limit and swerving all around. This forces the cops to come onto the road and everyone is stuck going much slower.

By: Stephen

Stephen — Thu, 20 Mar 2008 21:49:46 +0000

I personaly use trigers as a way to earn business. I do not lie to them when I call and all I ask for is a chance to earn there business. Everyone has a a 30 day window to shop around for the best deal and if I am able to beat the other compitition then more power to me. Those that don’t like this service are the ones who are afraid.

By: Jake

Jake — Sun, 03 Feb 2008 18:43:41 +0000

I’ve worked as a Mortgage Broker for past five years and last two years at a company where we generated business exclusively through trigger based leads. Now I am over at one of the largest National Lender/Bank. So will say this, Trigger Leads are direct invasion of privacy and should be banned. This trigger leads enables brokers and give false sense of trust to those who calls brokers after receiving this letter based on trigger leads. They are grossly misused and are horrible for consumer privacy. Only reason it is still around is because somehow it is completely legal for these credit agency to sell our information for their profit sakes.

Contact your local legislative representatives and ask them to join the ban of trigger leads.

By: Pulling the Trigger on Credit Bureaus | Mortgage Industry Blog

Pulling the Trigger on Credit Bureaus | Mortgage Industry Blog — Wed, 28 Nov 2007 00:40:42 +0000

[...] about information privacy growing daily, this should be an easy sell to the public. According to The Real Estate Bloggers several states including Minnesota and Massachusetts as well as the House Financial Services [...]

By: Reggie

Reggie — Fri, 02 Nov 2007 21:00:37 +0000

I have always used trigger leads to obtain business. I only get these loans if I am able to offer a better product or the customer feels more confortable dealing with myself.

Stereotyping all people who use triggers as low lifes is ridiculous. There are irresponsible LO’s and bait and switchers in all areas of the mortgage business. Just because someone uses a specific tactic to get people on the phone that want to do a home loan, does not make them bad people

By: Art Blanchet

Art Blanchet — Thu, 02 Aug 2007 14:11:05 +0000

Nice blog. A few weeks ago Bill Quigley and I did a radio show specifically about “trigger leads” on Your Home-Your Money (9 AM on WTDY-Madison). What a betrayal of confidence! And what a scam!

The lead-buying companies – there is no screening process by the credit repositories, just lay down your cash – will even stoop so low as to PRETEND to be the consumer’s lender, asking for just a “few more details” to complete the loan aplication. The door is being opened wide to identity theft, but we can fight back by taking the profit out of trigger leads.

Advice to consumer: Don’t give any info over the phone to someone you do not know. Nothing. Period.

Advice to lenders: Protect your borrowers. They depend upon you. Give them a form or card with the names of your assistant(s) and partners and specific email addresses and phone numbers for communication. Tell them why you are doing this.

ALSO, devise a telephone password system to safeguard them: “Hi, I’m with XYZ Mortgage calling for Art. The password is ‘Banana Peel’ and my name is Suzy.”

Sounds dumb, but if you want to protect your clients from bait and switch tactics and identity theft, put out a little effort. Do this also to KEEP them your clients – don’t lose them to the liars.

These are tough times. If people ARE to use the http://www.optoutprescreen.com option (mentioned by Carolyn Warren above), they need to opt out a minimum of 10 days before their credit is pulled – a month would be better.

Spread the word to your database via postcard, email, and voice – you are performing a public service AND touching base with your clients for a valid reason. The trust you build will be rewarded in time.

Be a true professional and help keep lending a safe practice. Best wishes to all.

Art Blanchet