Written By: Karen Deis
It’s been 2 years since the trigger leads problem reared its ugly head. With the gigantic increase in refi business, they are back again—and if you aren’t proactive, they will not only ruin your refi pipeline, but also put a serious dent in your income.
It all starts when you pull an in-file credit report!
And, it’s legal because the Fair Credit Reporting Act allows credit bureaus to sell pre-screened credit profiles to anyone who wants to pay the tens of thousands of dollars to buy them.
Inquiries that show up when you pull a report qualify as “pre-screened” criteria. Your clients are receiving letters and telephone calls (if they are not on the Do-Not-Call list) from your competitors, with a sales pitch (from your competitors) saying they can give them a better deal on their mortgage.
How do they know? Because you show up as the mortgage company who pulled the in-file! And the client’s phone number is on the 1003!
As a subscriber, download a flyer for your clients, prospects and real estate agents. We also provide a link to a loan officer’s website. It’s called a “Privacy Warning” and she emails the link to all of her clients immediately after they have applied for a loan—but before the credit report has been ordered.
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