ICBA and other groups expressed strong support for bipartisan legislation to help protect the financial privacy of mortgage applicants.
After consumers apply for a residential mortgage, credit reporting agencies sell their contact information, leading to an influx of solicitations. The current process for a consumer to opt out of these “trigger leads” can be confusing and does not take effect immediately, which can cause consumer confusion.
Introduced by Sens. Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) and Reps. John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), the Homebuyers Privacy Protection Act (S. 3502/H.R. 7297) would bar credit reporting agencies from selling consumers’ contact information when they apply for a residential mortgage unless the consumer has opted into the creation and sale of such leads or if certain exceptions apply.