Saturday, April 7, 2007

Think twice before you click "Continue"

Those sites advertising competing offers from lenders simply trigger what we in the mortgage industry call leads. Once you click "Continue" these leads are then compiled into lists and sold to companies willing to pay for them. In this instance consumers are aware they will receive calls for loan offers, but I doubt they realize their information was being sold. In a recent consumer alert the FTC is making it known that the credit bureau reporting agencies have also been marketing these leads to mortgage companies, however unknowingly to consumers... Read on Hint to fellow mortgage professionals: Don't include any phone numbers on the application until after you've pulled credit ;)

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