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Unfair Lending Competition and Your Privacy!

By
Mortgage and Lending with Oak Valley Mortgage-California Home Loans and Refinancing

  

I've been frusterated lately by a new form of unfair lending competition that has been taking place by mortgage companies and larger lenders. After we pull credit reports for our clients, competitors are paying the credit reporting companies to alert them that a "mortgage" inquiry has been made, be it for a purchase or refinance. I have had multiple clients call me up, asking if I sold their information to other lenders, letting them know that they were looking for financing. My response, "ofcourse not...why would I want to do that?" Fortunatly, I have not lost any clients to this type of scheme so far. I think that it is shady and unfair for those that are out there and working hard. The practice only puts a black mark on the industry and the good that we can do for our clients. This link is the best defense that I have found for such activities! https://www.optoutprescreen.com/?rf=t

Scott Gormley
Broker/Owner
Oak Valley Mortgage
2006 Chico Assoc. of Realtors Affiliate Chairman
Direct: 530.592.8362
Fax: 530.267.5555
Website: http://www.CALoan.com

"You find the perfect home, we'll find the perfect loan!"

Bob Pavey
RE/MAX Hometown - Aventura, FL
CRS
Scams in all business
Sep 23, 2006 05:33 AM
Brian Brady
Matthews Capital Markets - Tampa, FL
858-699-4590
Trigger Leads are really driving people nuts.  I have gotten to the point where I won't even pull credit until the last minute if it's a repeat customer.
Sep 27, 2006 02:53 AM
Melvin List
www.FLBestRate.com - Tampa, FL
Purchase Specialist

I pulled my credit a few months ago for my own deal and I had two companies calling me pretending to my lender.  I went along with it for I while and then informed them that I own a mortgage company and I was the person who took the application.

 

This practice should be illegal!

 

Oct 04, 2006 04:36 AM