H.R. 2808 is a proposed legislation that aims to ban the use of trigger leads, a practice that enables credit reporting agencies to profit from selling leads to other lenders. Exceptions will be made for current loan servicers, originators, and banks with a depository relationship. The Senate's similar bill raises expectations for H.R. 2808’s passage, indicating a likely shift in the lending landscape. Meanwhile, the Mortgage Bankers Association (MBA) remains cautious about potential changes regarding Fannie Mae and Freddie Mac's financial independence amid ongoing conservatorship issues.
H.R. 2808 aims to ban the use of trigger leads, impacting credit reporting agencies that profit from selling leads after credit pulls.
The Senate's similar legislation indicates that H.R. 2808 may become law soon, signaling a shift in lending practices.
MBA's president does not foresee major changes in Fannie Mae and Freddie Mac's status despite Trump's social media comments.
Broeksmit expresses concern over maintaining affordable mortgage credit in the context of Fannie Mae and Freddie Mac's conservatorship.
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