When you have your credit pulled, you don't want a bunch of people to get involved in your business. But that is exactly what happens. A mortgage company pulls your credit, the algorithms are 'triggered' by the hard pull and they let other mortgage companies know that you are looking for a mortgage. You start to get phone calls from random loan officers wanting to get your business. House Resolution (H.R.) 4198, the "Protecting Consumers From Abusive Mortgage Leads Act" is the latest attempt to clamp down on this practice except under two exceptions: a consumer gave their permission or a third party has submitted documentation to such an agency certifying [...] a current relationship relating to credit, servicing or other financial services."
It's just as annoying for the mortgage broker as it is for the consumer. The flood of unwanted phone calls who may try and bait and switch you into going with them. How can you keep this from happening? Go to optoutprescreen.com or call 888.567.8688 to put your name on the list to stop the trigger lead calls for five years. It takes about seven days for the process to be completed. After that, it is safe to have your credit pulled by your mortgage broker.