“It depends on whether the House is stubborn or not, how much the Senate people want to change… it’s back and forth,” he said. “It’s discussion. We still believe before the end of the year it’s going to happen – I would hope within the next 90 days.
“That would be a real goal for all of us. If it’s sooner, great. We’re ready for it tomorrow. We’re going to continue pushing. We’re going to let the members know that this isn’t done yet – we still need to get over the goal line, and we need to let people know the urgency for this. Together, we can make that work.”
Legislation marks a win for the mortgage industry, says exec
The legislation would significantly limit the circumstances under which credit reporting agencies can sell trigger leads, enhancing consumer privacy and reducing unsolicited communications during the mortgage application process, although it wouldn’t introduce an outright ban on the practice.
Credit reporting agencies would still be permitted to sell trigger leads – but only to lenders or companies that already have an established relationship with the consumer, usually meaning that a consumer has previously done business with the lender or the lender is servicing a current mortgage or financial account for the consumer.
Companies with clear, written, and verifiable consent from the consumer would also be allowed to receive trigger leads, while permitted credit inquiries will remain for pre-qualification or pre-approval by lenders where consumer consent or a relationship exists.