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“Come to find out, the borrower now gets 60 to 80 phone calls when a mortgage credit report is pulled,” she said. “Again, a handful back then – fine. But 80 is, I don’t know, it’s harassment. I don’t think anybody should be able to do that to somebody. Nobody needs 80 options. There are times the borrower thinks there’s been a data breach. It freaks borrowers out.”
The motivation for selling so many trigger leads isn’t hard to guess, Wilner suggested. “Because they make money each time. If they sell it to five guys for $3 each, that’s $15 each. I sell it at five bucks each to 80 guys, I make $400. This is the credit agencies making money just selling these crazy leads.”
While borrowers themselves have long been able to opt out of trigger leads by contacting the credit bureaus individually, most don’t even know of the practice – let alone how to opt out, Wilner said. “I don’t think a borrower knows they should do it until it happens the first time,” she said. “It’s different than when Delta Airlines sends you an application for a credit card because they liked your credit score. It’s in the mail; you won’t have 80 credit card companies calling you.”
Safe Check opts out borrowers from trigger leads while continuing the mortgage process, she said. “Yes, I can go online and opt out of these trigger leads, but it takes five calendar days to do that,” she said.
Other programs launched to curtail brokers’ costs
Launch of the Safe Check program comes after United Wholesale Mortgage released its Control Your Price feature, which gives brokers access to 150 basis points to use when they need it. Additionally, the company unveiled a credit solution that allows independent mortgage brokers to order hard credit reports for UWM loans for a flat fee of $37.35, helping to mitigate recent significant increases in the cost of running credit reports, the company announced.
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