Here is an important tip for Realtors, home buyers and homeowners whether you are a first time home buyer or not regarding the home buying process:

When a borrower applies for a mortgage or refinance loan and the lender pulls the credit, the credit bureaus are selling the information. This issue is getting national attention. Check out this article from Marketwatch:

You have probably heard of the term trigger leads or triggers before but maybe you were not exactly sure what type of lead they actually are or how a trigger leads are generated.

So… what are trigger leas?

A lead is generated when a lender pulls a copy of a client or customers credit report (hard inquiry) relative to a new mortgage, mortgage refinance or auto loan

These leads are then available for sale to other mortgage loan officers and/or auto dealers.

Leads may be sold as soon as 24 hours after your credit report was pulled and up to 30 days. The 24 hour variety are the most popular with competing loan officers who purchase these type of Mortgage Leads

If you are a Realtor, your very livelihood could be at stake.  These lenders can promise your client the moon and then don’t deliver. Not to mention the confusion your buyers will have during the process. They don’t know who to believe and you get pulled into the confusion.

No matter what you do, if your client is harassed, you as their agent will now be associated with the negative impression they have regarding the home buying process. This is NOT the warm fuzzy feeling you want your clients to have about you.

You need a lender who is on your side, watching out for your interests and explaining things in plain English to you and your clients along the way. Call me!