If you’ve recently applied for a mortgage or are looking into financing options, you may have come across a flood of unsolicited calls or emails from other lenders. This can be confusing and even a little unsettling. We get it! So, what are trigger leads? Simply put, trigger leads are a way other lenders get notified about your mortgage inquiry and try to win your business by reaching out with competing offers. Many times they pretend that they work for us! Here, we will dive into how they work, why they happen, and what you can do to protect your privacy.
LEARN MORE ABOUT EDGE MORTGAGE, INC.
First, you should know that at Edge Mortgage, Inc. we care about your privacy and we protect it! If you receive a call from someone besides Keri telling you they are helping with your application, HANG UP! We do everything in our power to stop these leads before they can start. From our experience, we know that navigating these extra offers can be confusing. Clients often ask why they’re getting so many calls and if their information was shared without consent. The answer is no—your lender isn’t sharing your information. This is simply a practice allowed by the credit bureaus. Knowing what trigger leads are and why they occur can help you feel more confident and prepared during the mortgage process.
What Are Trigger Leads?
When you apply for a mortgage, the lender or broker typically pulls your credit to check your financial standing. This credit inquiry, which is necessary to move forward with a mortgage application, creates a “trigger.” The major credit bureaus then use this inquiry to generate a list of people who may be looking to finance a home. They sell this list, or “trigger leads,” to other lenders, mortgage companies, and sometimes third-party businesses.
Many borrowers are surprised to learn that it isn’t their lender who shares their information. Instead, it’s the credit bureaus like Equifax, Experian, and TransUnion that are selling these leads as part of their business model. While trigger leads are intended to give consumers more options, they can feel invasive, especially if you’re already working with a lender you trust.
Why Do Trigger Leads Happen?
Credit bureaus sell trigger leads as a revenue source and the intent is to offer consumers a variety of options. In theory, lenders reaching out with different offers could help borrowers find better rates or loan terms. However, it often results in an overwhelming number of calls, texts, or emails. Something most people don’t expect when they apply for a mortgage.
How Trigger Leads Can Affect the Mortgage Process
Trigger leads often create confusion and can distract borrowers. Here’s how they can impact you:
- Distractions and Confusion: When multiple lenders start reaching out, it can feel overwhelming and even make you second-guess your original mortgage application. Remember, you do NOT have to respond to these offers.
- Privacy Concerns: The sheer number of unsolicited calls or messages can make you feel like your personal information has been shared, which can feel invasive and unsettling.
- Impact on Trust: Without a clear understanding of trigger leads, some borrowers may wonder if their lender shared their information. But rest assured, it’s the credit bureaus that sell these lists, not your lender.
4 Ways to Protect Your Privacy from Trigger Leads
While trigger leads are legal, there are ways to reduce or manage them:
1. Opting Out of Prescreened Offers
You can choose to opt out of prescreened offers by visiting OptOutPrescreen.com or calling 1-888-5-OPTOUT. By doing this, you can reduce the number of unsolicited offers for five years, and if you opt-out permanently, you’ll need to complete a form.
2. Do Not Call Registry
The best place to register is the Opt Out Prescreen, but adding your number to the Do Not Call Registry adds another layer of protection.
3. Soft Pull Credit Reports
Make sure your lender starts with a soft pull credit report. Doing this allows you time to register with Opt Out Prescreen before a hard pull is done.
4. Working with a Trusted Mortgage Broker
At Edge Mortgage, Inc., we make sure our clients understand what trigger leads are and how they work before we proceed with a credit check. We have tricks up our sleeve to help prevent these as well. Transparency is key, and knowing what to expect can help keep the process smooth and stress-free.
What Edge Mortgage, Inc. Does to Help Protect Client Privacy
At Edge Mortgage, Inc., we prioritize client privacy and aim to make the mortgage process as comfortable as possible. Here’s what we do to help:
- Clear Communication: Before pulling your credit, we explain trigger leads and let you know what to expect. This way, you’re prepared for any potential calls or emails from other lenders.
- Guidance on Opting Out: If you want to opt out of prescreened offers, we’ll provide guidance on how to do so. It’s quick and can give you extra peace of mind during the mortgage process.
- Commitment to Privacy: We respect your privacy and are committed to keeping your information secure. If you have any questions or concerns, we’re here to address them.
Wondering, What are Trigger Leads? Edge Mortgage, Inc. Has all Your Mortgage Answers
Understanding what trigger leads are and how they work can make a big difference in navigating the mortgage process. While trigger leads are a common part of the mortgage world, there are steps you can take to reduce or manage them and protect your privacy. At Edge Mortgage, Inc., we’re dedicated to keeping our clients informed, comfortable, and well-prepared every step of the way.
If you have any questions about trigger leads or want help with your mortgage needs, don’t hesitate to reach out to Edge Mortgage, Inc. We’re here to support you with personalized advice, competitive rates, and a commitment to your privacy. Contact us today to learn more!
Read These 5-Star Reviews From Two of Our Happy Clients
“Keri was amazing helping us every step of the way purchasing our first home. We had no idea where to start or what type of loan to consider. She was very quick to answer us with our busy work schedule all times of the day! I highly recommend Keri and her team.” -Angie
“I had an absolute joy of a time working with Keri and Edge Mortgage to purchase my house. It was our first time and we had a unique purchasing with two families going in on it. Keri was always there ready to answer any questions we had from easily “Google-able” to uniquely one-off. She was always so excited to talk to us. She made us honestly feel like we were her only client, she never had to ask a question more than once and was always aware of where we were in the process. I was honestly blown away by the dedication to serving us. I am 100% certain we wouldn’t have gotten anywhere near as VIP service from a big box broker/lender. Thanks to Keri we’re home owners who know haven’t had a surprise yet! Great, GREAT work done over there at Edge. 10/10 would recommend.” -Sinjhen
CONTACT EDGE MORTGAGE, INC. TODAY
Edge Mortgage, Inc. is located in Johnstown, Colorado, and serves Ohio, Colorado, Wyoming, and Nebraska. We offer honest answers and a stress-free process and we have no hidden or extra fees, keeping more money in your pocket. We are your trusted mortgage broker and we are ready to serve you. Call us today at 970-744-0000.
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