If you’ve recently started the mortgage process, you may find yourself bombarded by phone calls from various lenders. It might feel flattering at first – all this attention over your financing plans! However, the reality behind the constant ringing can be frustrating and even a bit unsettling. Here’s the lowdown:

How Do They Know? The World of “Trigger Leads”

When you have your credit checked by a lender, your information enters a system used by the credit reporting bureaus. This data then becomes what’s called a “trigger lead.” A trigger lead essentially signals that you’re shopping for a mortgage, alerting other lenders. They then purchase these leads to try and win your business. It’s a relentless cycle for those seeking a new mortgage.

Why So Aggressive?

• Competition: The mortgage industry is fiercely competitive. Lenders know that if you’re in the market for a mortgage, you’re a potential customer and they will come after you aggressively.
• Time Sensitivity: Many lenders realize that when someone is actively looking for a mortgage, they’re more likely to move quickly toward closing. This prompts them to make a quick strike to steal your business.

How to Take Back Control

While you may not be able to fully stop the sales pitches, there are ways to reduce the onslaught of calls:

1. The Do Not Call Registry

   • Register your number at the National Do Not Call Registry (https://www.donotcall.gov/). This won’t completely eliminate sales calls, but it should reduce them.
   • Be aware that existing business relationships may bypass the registry, meaning your current lender might still be allowed to contact you.

2. Opt-Out Prescreen

   • Visit https://www.optoutprescreen.com/ or call 1-888-5-OPTOUT (1-888-567-8688). This will limit companies from sending you “prescreened” offers for credit, which many of these unsolicited mortgage outreach tactics fall under.

Additional Tips

• Be Selective: Don’t provide your phone number on every initial inquiry form, especially if you’re just beginning your mortgage search.
• Ask Questions: When a lender does call, inquire where they got your information. This might help determine if opting out of services like Opt-Out Prescreen will fully do the trick.

Remember: You’re in Charge

Don’t let the barrage of phone calls discourage you! Utilize the resources to manage the calls, allowing you to focus on the important thing – finding the perfect mortgage financing that best fits your needs!

Author: Chris DeMatteis, NMLS ID 214872