Are You Getting Too Many Calls from Mortgage Lenders?

Intro

In today’s rapidly shifting real estate market, it’s not just home prices that are on the move—your phone might be ringing non-stop too. If you’ve recently looked into mortgage options or refinanced your home, chances are you’ve experienced an unreasonable amount of calls from mortgage lenders.

This can be overwhelming and incredibly annoying.

So why is this happening, and more importantly, what can you do about it?

Why Are You Receiving These Calls?

When you apply for a mortgage or refinance, depending on where you entered it, your information often enters a network that is accessible to various lenders and brokers. Here’s why:

• Lead Generation: Many financial service providers buy ‘leads’ from third-party companies. These leads are essentially contact details of potential customers who have shown interest in mortgage products.
• Shared Information: Some websites and services share your details with multiple lenders when you make an inquiry, under the guise of getting you the best deal. Kasey Home Loans does not share your information.

How is my Information Getting Sold?

If you entered your information into a lead provider such as FreeRateUpdate, Mortgage Research Center, FHA loans .com, Redfin, Zillow, almost any form you can find outside of a lenders website, that information is almost certainly going to be sold to at least one lender and up to dozens more. Untill you opt out they will continue to sell your information to other lenders.

Entering your information directly on the lenders website will reduce the chance it is sold significantly as they want to convert that lead.

Unfortunatley your information can also be sold by the credit bureaus when your credit is pulled. Even if you’ve chosen only one lender.

Loan officers that go after these “Credit Triggers” ( a lead that has been sold by the credit bureaus as just having their credit pulled) Are typically the most agressive sales and contact wise. It is strongly advised you answer the phone and politely use the terms Do Not Call as this is a phrase that must be honored. That doesn’t mean that they will honor it, but the fines can be extremely hefty if they repeatedly break it.

Are These Calls Legal?

Yes, and no. Here’s the breakdown:

• Telemarketing Sales Rule (TSR): Under the TSR, companies are allowed to call you if you’ve given them permission, which can sometimes be buried in the fine print of a service agreement.

• Do Not Call Registry: You can add your number to this list, which should stop telemarketing calls from legitimate companies, but it won’t stop all calls, especially from those who do not adhere to the rules.

Tips to Reduce Unwanted Calls

Here are some effective strategies to help you manage and reduce these unsolicited calls:

1. Register on the Do Not Call Registry: This is your first line of defense. Registering your phone number here can significantly cut down on telemarketing calls. Be aware that it can take some time to go into effect. There are some lenders that will call you anyways as well.

2. Create a Fake Google Number: You can register for a google voice number for free or use a alternative voip service that will give you a phone you can call and text on. If the calls get too much, you can just delete the account. At no point will they have your actual phone number. There’s nothing wrong with doing the entire process this way.

3. Read the Fine Print: Be cautious about where you share your phone number and understand the terms of service agreements before signing up for anything online that pertains to mortgage information.

4. Use Call Blocking Services: Many phone companies and third-party apps offer services that allow you to block unknown or unwanted callers automatically.

5. Report Violations: If you continue to receive unsolicited calls despite being on the Do Not Call list, report the violations to the appropriate authorities.

Final Thoughts

While it may seem like these calls are never-ending, taking the right steps can help you manage and reduce them. Stay vigilant about where and how you share your information, and take advantage of tools and resources designed to protect your privacy. After all, peace of mind is just as important as finding the right mortgage.