Political Quotes

“I rise in support of H.R. 2808, the Homebuyers Privacy Protection Act, and I commend Representatives Rose and Torres for introducing it. I thank the sponsors for their good work on this bipartisan bill, and I appreciate that the House is taking action to improve data privacy, in this case with respect to the mortgage market. First, let's discuss, as I think the gentleman has, what a trigger lead is. You go to a particular lender or mortgage broker, and you apply for a mortgage. You want to deal with that mortgage broker or that financial institution. If you wanted to deal with others, you would go elsewhere. If you wanted to deal with several, you would call several. When you seek a mortgage loan, of course the mortgage lender has to look at your credit report, so they call Equifax or whoever or email Equifax and get your credit report. Then the credit bureau sells that information--which you don't want divulged and which the lender doesn't want divulged--to other financial institutions without your permission, creating a so-called trigger lead. Then, as was pointed out, you become bombarded with phone calls, text messages, and other communications from rival mortgage loan officers. They may even give you misleading or deceptive information.”