The MAA said adding the Homebuyers Privacy Protection Act to the NDAA would mark a “critical step towards curtailing the consumer harm resulting from firms seeking to confuse and/or deceive mortgage applicants by inundating them with phone calls or direct mail solicitations.”
Its message urged members to contact their Senators and lobby them to cosponsor the bill and vote for the amendment to help reduce the prevalence of trigger leads in the industry.
The amendment would restrict the use of homebuyer data to specific and limited circumstances during the real estate transaction, and would require consumers to explicitly authorize solicitations – or for a third party to certify that it has originated that borrower’s current mortgage loan, or is a specific institution within a deposit account for the specific consumer.
MAA’s message template for members contacting their Senators suggested that the “bombardment” of mortgage shoppers by phone, text or mail can be “overwhelming, invasive in their volume, and result in consumer confusion and frustration.”
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Source: mpamag.com