The mortgage industry is buzzing with anticipation and hope as the trigger leads bill takes center stage in the 119th Congress. Despite facing hurdles in the House of Representatives, industry experts and trade groups are optimistic about the bill’s potential impact and future prospects.
Here are some key points to consider regarding the trigger leads bill and its journey through the legislative process:
- The trigger leads bill, introduced by Sens. Jack Reed and Bill Hagerty, recently passed the Senate without amendments. However, it faced challenges in the House of Representatives due to procedural and policy concerns raised by the House Financial Services Committee led by Patrick McHenry.
- The Mortgage Bankers Association (MBA) remains committed to advocating for the bill’s passage and will continue working with coalition stakeholders and congressional allies to advance the needed changes to mortgage credit trigger leads policy in the 119th Congress.
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The bill aims to protect borrower information by restricting credit reporting agencies from sharing data without consent unless certain conditions are met. This legislation seeks to address the issue of unsolicited calls, texts, and emails that have been a significant concern for consumers.
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Industry experts like Scott Olson, executive director at Community Home Lenders Association (CHLA), view next year as a crucial test of Congress’s ability to act on bipartisan issues and curb abusive trigger lead solicitations from third parties.
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Despite the challenges ahead, Brendan McKay of Mckay Mortgage and the Broker Action Coalition (BAC) remains optimistic about the bill’s potential success. The unanimous approval in the Senate provides a strong foundation for lobbying efforts in the House, and industry advocates are determined to build on this progress.
While the road to passing federal legislation is never easy, the momentum and support behind the trigger leads bill represent significant progress in the mortgage industry’s ongoing efforts to protect consumers and promote responsible lending practices.
As the bill continues to navigate the legislative process, it is essential for industry stakeholders to remain engaged, advocate for meaningful reforms, and work towards a more transparent and consumer-friendly mortgage credit environment. Together, with continued collaboration and advocacy, the mortgage industry can make a positive impact and achieve lasting change for borrowers and lenders alike.
