WASHINGTON–The Senate has passed the Homebuyers Privacy Protection Act (S. 1467), which is designed to stop the controversial practice of what are known as mortgage “trigger leads” that lead to spam phone calls and emails to prospective home buyers. 

The legislation, introduced by Sens. Jack Reed (D-RI) and Bill Hagerty (R-TN), aims to prevent consumer data from being sold to competitors when a borrower applies for a mortgage. Many in the mortgage industry have complained about the trigger leads, and consumers have been increasingly complaining, as the CU Daily reported here.

Support from Credit Unions

“Purchasing a home is a tremendous milestone for many Americans, as it has long been a core pillar of the American Dream. Credit union members who are looking to buy a home trust that their credit union has their best interests in mind when making these decisions,” America’s Credit Unions’ President and CEO Jim Nussle said in a statement. “America’s Credit Unions thanks Senators Bill Hagerty and Jack Reed for prioritizing the privacy and financial well-being of homebuyers across the country. The Homebuyers Privacy Protection Act will stop the abusive use of trigger leads and protect the privacy of buyers, as well as preserve the special member relationship credit unions have in serving their members. As the House Financial Services Committee just advanced its companion bill, we urge the House to swiftly pass the measure.”