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Loans Stolen From Right Under Your Nose?
Loans in process are stolen from right under your nose by other lenders.
Written By: Karen Deis
Has this ever happened to you?
After working your lead for months, talking to them on the phone, sending endless program comparisons, updates on interest rate trends, and using every marketing piece in your arsenal, you finally land the face-to-face appointment. The 1003 is signed and the processing ritual begins.
Three days later, you receive a call - the client wants to cancel the application - saying that they received a phone call from another lender and found a better deal!
Was it a fluke? Did they just happen to get a call from another lender out of the blue? How was it that other mortgage lenders "knew" that the clients were in the mood to apply for a mortgage?
Nope. It's a service offered by the major credit bureaus that allows lenders (with deep pockets) to steal your clients right from under your nose by selling their contact information to your competitors within 24 hours of YOU ordering a mortgage report.
And, it's perfectly legal!
Read how it happens but more importantly, what you can do to stop the sale of your clients' name to other lenders immediately.
The credit bureau I am most familiar with is...
Related Article:
Keep Mortgage Companies From Contacting Your Past Clients
with Credit Bureau Opt-Out Forms ~ Written By: Karen Deis
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