Have you started the process to obtain a home loan and begun to receive calls and emails from outside lenders? Chances are you have become a trigger lead!
What is a trigger lead?
When you apply for any type of loan, lenders run your credit report, known as a hard credit inquiry. Once this happens, the major credit bureaus are alerted that you are in the process of getting a loan. The bureaus then sell your information to other competing lenders, sometimes in as little as 24 hours. It’s important to note that your Loan Officer does not sell your information to outside entities.
Are trigger leads legal?
While they may feel annoying or invasive, trigger leads are not illegal. However, when receiving unsolicited offers it is always important to be on alert, and never assume that because you are in the process of obtaining a loan that the offer is a legitimate trigger lead.
I think that I have become a trigger lead, what do I do?
If you have begun receiving communications that you have questions about, the best thing to do is to reach out to your Delmar Mortgage Loan Officer.