Applying For A Mortgage Equals Junk Mail/Calls
Posted on April 28, 2006
Filed Under Mortgage Updates
You would assume that when you go to get a mortgage quote that your information is private but it’s actually not. Before you know it, all your private information is being sold again and again and it’s only a matter of time before your hanging up twenty times a day from junk phone calls.
What happens is a company will give your info usually to mortgage companies, so they will call you trying to bully you into leaving the competition and come on board with their company.
But aren’t our most intimate financial and credit affairs sliced, diced and served up to the highest bidders on a regular basis anyway? Sure, but consider the experience of Pat Barney, who lives outside Minneapolis. Barney recently applied for a home equity credit line from a large national bank. Shortly after application, he got a phone call from a competing lender trying to persuade him to switch to an equity line from her firm.
Then he got another call, this time from a competitor who began the conversation by saying, “I’ve been notified by your lender that you’re looking for a (home equity) loan.” Barney, who manages a branch office of Summit Mortgage Corp. in Edina, Minn., knew that was an outright lie.
“Why would (my lender) want to let anybody else know about my application?”
He was also suspicious that lenders calling him this way — especially those who were dishonest up front — would be highly likely to lowball their estimates on rates and fees to steal him away.
“This is a set-up for a bait and switch,” he said. Worse yet, he added, “here I am in the mortgage business and now I see that my customers’ credit information may be marketed and sold within hours to my competitors.”
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