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Protect your privacy and stop unsolicited junk mail and sales calls! We have recently experienced what we feel is a violation of your privacy that we are actively working on to help prevent. We have experienced recently that when processing our applications and pulling our client�s credit report to process his or her mortgage application. Unknown to us and you, the next morning, the three national Credit Reporting Agencies (CRA) are compiling a target list of consumers who have had their credit pulled in the last 24 hours to obtain a mortgage. That target list is then sold and purchased by lenders and lead generators and within days, your cell phone and home phones are pounded with multiple phone calls from unsolicited mortgage companies. We then receive the call from our client thinking we sold their information to the world! Unfortunately, that is reality today. The CRAs regularly sell these lists commonly known as �mortgage target trigger lists�. In fact, you may know about it because you were either the subject of one of the lists, or you�ve been solicited by a lead generation company trying to get your business. This practice smacks of invasion of privacy, unfair market practices, and would seem to be a violation of the Fair Credit Reporting Act (FCRA). Unfortunately, this practice, known as �Prescreening,� and is absolutely legal, with a few parameters that will be discussed later. How to Keep You off This List.. The important issue for now is how to stop this from happening and help you protect your privacy. You need to opt-out of being reported on these pre-screened target trigger lists. To accomplish this, WE recommend the following: Before you have your credit pulled, take the time to opt-out of the pre-screened target trigger lists. As mortgage professionals, we would like to offer you the opportunity to stop much of the unsolicited junk mail you receive from unrealistic credit card offers to bogus mortgage loans. Most of the junk mail comes from target lists sold by the National
Credit Reporting Agencies that hold the information reported about your
credit accounts and you can opt-out of these target trigger lists for
either 5 years or permanently by simply calling We can walk you through the process if needed. You will need provide some personal information, including your name, home phone number, and social security number. Remember, this process, like your mortgage application is completely confidential and if you are using the website it is a safe encrypted site provided by the National Consumer Reporting Agencies as required by Federal law. Once you have made your opt-out choice for either 5 years or permanently, the credit reporting agencies have up to five (5) business days to process the opt-out request. So you must wait six (6) business days before we can pull your credit report, and if you have selected the permanent option, you must also sign a selection verification to make that selection permanent and mail it back to the Opt-Out notification address on the form, otherwise your selection will default to a 5 year opt out term. As additional resources about the opt-out process, download the following: The Federal Trade Commission�s Prescreening Information Pamphlet: http://www.ftc.gov/bcp/conline/pubs/credit/prescreen.pdf NAMB�s �The Right to Opt-out of Prescreening � General FAQs� Presentation (prepared by former CAMB President and current NAMB Communications Chair Ginny Ferguson): http://www.namb.org/Images/namb/GovernmentAffairs/Prescreening%20Handout-Slide%20Presentation(Mar.24).pdf What is CAMB Doing About This? CAMB recognizes that this not an ideal, or even good, solution to this problem. Rest assured that CAMB, along with the National Association of Mortgage Brokers (NAMB), views the opt-out solution as only temporary, and that we are vigorously working toward a more complete legislative, regulatory, or legal solution to this problem. CAMB strongly believes that mortgage trigger target lists being sold to lead generation companies goes way beyond the intent of the prescreening provision in FCRA and prescreened target lists were not designed to allow unknown companies to track a specific individual�s personal credit decisions in real time. CAMB also believes that mortgage trigger target lists violate an individual's privacy rights, increases their risk for possible identity theft or potential abusive lending practices. With several recent cases (Cole v. U.S. Capitol, Inc., No 03-3331 � N.D. Ill. Nov. 19, 2004; Kudlicki v. Farragut Financial Corp., No 05-C-2459 � N.D. Ill. Jan, 2006; Murray v. GMAC Mortgage Corp., No 05-8035 � N.D. Ill. Jan 17, 2006) The courts have also recently granted class action status for a case against GMAC Mortgage Corp. which could have a significant dampening effect on credit offers from prescreened target trigger lists. CAMB, NAMB, and the rest of the lending industry are watching this case closely. Finally, NAMB and CAMB are examining the feasibility of legislative solutions at federal level to address this issue. A federal solution would require passage of a bill in Congress and signed by the President to amend FCRA to prevent mortgage trigger target lists. The preemption of state laws not in effect at the time the FACT Act of 2003 was signed into law may preclude a state solution. However, due to the time remaining in the legislative session for Congress, any legislative solution may have to be introduced in 2007. We will continue to keep you informed on this critical issue as progress is made.
Finding the right loan for our clients is
paramount for those with excellent credit looking for excellent credit
home loans, to poor or bad credit. Our consulting department specializes
in finding loans for those clients that normally can't get a loan. We
have a whole line of "Second Chance" loans for poor credit home loans
and bad credit home loans as a purchase loan, debt consolidation loan,
cash-out and home improvement or equity loans.
With the right knowledge and advice comes a big difference. All real estate and mortgage companies are definitely not alike. When you're buying, selling or financing your home, having the right knowledge can literally mean the difference between thousands of dollars, more or less, in your pocket up front and over the life of your home ownership!. Referrals are the Life
Blood of our business!!
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These Loans Can Be Used For:
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turned down, have had a previous bankruptcy (1 day out of bankruptcy),
have a poor credit loan history, active and previous divorce, tax liens
and those who are self-employed income earners
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