Wednesday, February 03, 2010

Just how would a consumer feel if they know their mortgage application

was being produced by a stranger - a "lead generator" overseas?  I'm not sure who the source of this advice is but read it....

"One of my friend who has a BPO (authorized) located India and plans to begin the 1003 campaign through the application. He is currently producing mortgages and transfers of hot lead, I know which are allowed under U.S. law.
Yes, I see no legal problems with data collection of 1003 outside the U.S.. I agree fully disagree with the prolonged use of rooms Telephone foreigners to solicit U.S. consumers, but unfortunately it is not illegal. Here are some additional information. Hope this helps."  source link

Yesterday I had a frantic call from a consumer - a reverse mortgage borrower - whose transaction we closed  recently.  Our consumer was deeply disturbed that he was receiving letters and solicitations from companies who clearly knew he had closed a refinance mortgage.  How could this happen?  What about the privacy disclosure?  I explained that the mortgage document is recorded in the public record and market companies use that information for solicitations.  That made him VERY unhappy.  I understand but there's not much that can be done about it except to boycott the service of companies who use that kind of marketing.

That's why I am posting this.  If you are a consumer shopping for lending services online, please be very careful.  Check to see if the web site you use to input data is REALLY a mortgage lender.  Many are "lead generators" and they don't have to follow the same rules as real mortgage lenders.  Lead generators take your personal and private data and SELL it to lenders.  As we can see by that little blurb some of your personal and private data may pass through the hands of contractors overseas as part of their process.  BEWARE...that's all I'm saying. ;)

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