Mortgage executive shares the timeline of what's ahead for the bill
After years of close calls, a bill that will significantly limit the use of trigger leads is finally on the home stretch.
The Homebuyers Privacy Protection Act, H.R. 2808, passed the Senate by unanimous consent late Saturday. By passing the already approved House version of the bill, the trigger lead ban bill now heads to President Trump’s desk for a signature.
The effort to lobby for the bipartisan legislation brought together nearly every major mortgage industry organization in support.
Jim Nabors (pictured top), president of the National Association of Mortgage Brokers (NAMB), said it was the united front that helped push the legislation to the brink of being a law.
“When you look at how often these organizations are on the exact same page, including 15 other lenders joining in and saying, ‘Yeah, we need to do this,’” Nabors told Mortgage Professional America. “The AARP said we needed to do this. This wasn’t just one or two groups. This was an entire industry. So yeah, we’re thrilled about it.”
Timeline going forward
Once the bill reaches Trump’s desk, he has 10 days to sign the bill, according to Nabors. It is anticipated that he will sign the bill.
“Normally from there, you have 90 days to implement the bill,” Nabors said. “Congress passes the bill, but the regulators write the rules.”
He said either the Federal Trade Commission (FTC) or the Federal Housing Finance Agency (FHFA) will then take control and write the regulations. Once those rules are written, the industry has asked for more time to implement the changes.
“The industry felt they needed additional time to make changes in their system,” he said. “To delete where it could automatically generate and would stop automatically generating these trigger leads. So, they got an extra three months. So, it’s six months from the time the President signs it.”
Nabors applauded all members of Congress for getting behind this bill, including Sen. Bill Hagerty (R-TN) and Sen. Jack Reed (D-RI) on the Senate side, and Rep. John Rose (R-TN) and Rep. Ritchie Torres (D-NY) on the House side. He also credited Sen. Tim Scott (R-SC) and Rep. French Hill (R-AR), among others.
Improving the customer experience
Nabors noted that brokers and customers should be happy to see this go into effect, as it will significantly limit the number of messages received by a customer who has their credit pulled for a new mortgage.
“This is going to be good for consumers, number one, and that's most important, that it's good for consumers,” Nabors said. “Because they will not be inundated by just hundreds, or in some cases, thousands of calls or texts, and they'll be able to do business with people that they know or that they pick.”
He said one congressman detailed his experience with trigger leads, which likely helped boost support for the bill.
“When the bill was voted unanimously out of the House Financial Institutions Committee, a congressman said how he applied for a loan and had been bombarded by 2,000 calls and texts from different companies,” he said. “It's not like they were just calling once or twice. They just didn't give up, and he was thinking, ‘How do, particularly the elderly, handle that?’
“If they're not that clued in on how to block a text, or how to go in and block a call, so you just don't keep getting it. Everybody thinks, ‘Oh, everybody knows how to do that.’ Guess what? They don't. It just kept building up and getting worse and worse.”
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With the signing of the bill into law likely days away, Nabors said brokers and customers can focus on that trusted relationship without worrying about hundreds of companies trying to swoop in and potentially giving the customer bad information.
“We also have to look at it from the customers’ point of view,” Nabors said. “They made a conscious decision to choose to do business with someone, and then they're being inundated by people that don't really know them or know anything about them. They don't know what issues the borrower may have or anything else to be able to give them the guidance that they need.”
“That'll be good for our industry. But number one, it'll be good for the people who are looking to buy a home, refinance a home, or do a home improvement. And I think that's ultimately what the goal was.”
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