Understanding Mortgage Trigger Leads: A Guide for Homebuyers
webadmin • September 12, 2024
Understanding Mortgage Trigger Leads: A Guide for Homebuyers
Starting your journey to secure a mortgage can unexpectedly open the floodgates to calls, emails, and letters from various mortgage lenders. This overwhelming influx is often due to something called "mortgage trigger leads." If it feels like your personal information is suddenly in high demand, you're not alone. Many homebuyers find this practice intrusive.
We’re here to clarify this part of the mortgage process for you. Our aim is to demystify mortgage trigger leads, answer your questions, and give you tips to handle these unsolicited contacts more effectively.
By choosing to work with a lender who prioritizes your understanding and comfort, you can approach your mortgage application with confidence, knowing that you are well-informed and in control. Let Luminate Home Loans illuminate your path to homeownership, ensuring a smooth and clear journey from application to closing.
We’re here to clarify this part of the mortgage process for you. Our aim is to demystify mortgage trigger leads, answer your questions, and give you tips to handle these unsolicited contacts more effectively.
What Are Mortgage Trigger Leads?
When you apply for a mortgage, and a lender checks your credit, it triggers a notification within the credit system overseen by the major credit bureaus—Equifax, Experian, and TransUnion. This alert signals other mortgage lenders that you're in the market for a loan. These lenders might then buy your contact information as "trigger leads," allowing them to target you with their mortgage products. Essentially, your loan application and the resulting credit check tell the financial market you might be ready for loan offers, prompting multiple lenders to reach out in hopes of securing your business.Why Are They Considered Predatory?
The practice of selling mortgage trigger leads can feel like a violation of privacy. Your personal and credit information is shared with various companies without your clear consent. This leads to a barrage of unsolicited calls, email and mail from lenders vying for your attention, which can be not only overwhelming but also challenging when trying to fairly compare different offers.The Impact of Trigger Leads on Your Mortgage Search
Purchasing trigger leads lets lenders essentially buy a chance to pitch their mortgage products to you. While this could lead to more options and possibly better rates, it can also cause confusion and stress. Receiving unsolicited offers from so many lenders makes it tough to compare these options effectively. Recognizing how trigger leads work can help you better manage your mortgage search and focus on offers that genuinely meet your needs without feeling undue pressure.Steps to Opt Out and Protect Your Privacy
To avoid unwanted calls and emails, consider taking these steps before you apply for any mortgage:- Opt-Out of Prescreened Offers: You can stop credit bureaus from using your credit file to make unsolicited credit and insurance offers. Simply visit OptOutPrescreen.com or call 1-888-567-8688 to opt out. This service is free, and you can choose a five-year opt-out period or opt out permanently.
- Register with the National Do Not Call Registry: While this won’t stop lenders from receiving your information, registering your phone numbers can significantly reduce telemarketing calls. Visit DoNotCall.gov to register.
- Directly Contact Credit Bureaus: You can ask the three major credit bureaus not to sell your information for marketing purposes, reducing unwanted contacts.
Final Thoughts: Navigating Mortgage Complexity with Confidence
Navigating the mortgage process can be daunting, especially when facing the complexity of mortgage trigger leads. At Luminate Home Loans, we believe in not only guiding you through the borrowing process but also educating you on potential pitfalls like trigger leads before you even apply. We aim to be a guiding light in the mortgage industry, providing transparency and support every step of the way.By choosing to work with a lender who prioritizes your understanding and comfort, you can approach your mortgage application with confidence, knowing that you are well-informed and in control. Let Luminate Home Loans illuminate your path to homeownership, ensuring a smooth and clear journey from application to closing.
Here at Luminate Home Loans, we’re always looking for ways to offer more value to our clients and partners. That’s why we’re thrilled to announce that we’re now a wholly owned subsidiary of Luminate Bank®—and soon, we’ll officially transition under the Luminate Bank® name.
For years, homebuyers have been hoping for a return to the ultra-low mortgage rates seen during the pandemic. But as we move through 2025, it’s becoming increasingly clear that today’s rates—hovering between 6% and 8%—aren’t going anywhere.
Luminate Bank® Welcomes Josh Eifert as Chief Financial Officer, Honoring Legacy of Dave Turk [Minneapolis, Minn.] – [2/4/2025] – Luminate Bank® is proud to announce the appointment of Josh Eifert as its new Chief Financial Officer, succeeding Dave Turk, who has played a pivotal role in shaping the company's strong financial foundation. Josh brings a wealth of experience and strategic vision to Luminate Bank, with 26 years in the banking industry. Most recently, Josh served as CFO at Tradition Capital Bank in Edina, Minnesota, where he led the financial strategy during its remarkable growth from $300 million to more than $2.5 billion in total assets. Before his tenure as CFO, Josh contributed to Tradition Capital Bank in other key financial roles. He began his career with Norwest and Wells Fargo Banks, gaining extensive expertise in financial and operational capacities. Luminate Bank's leadership transition reflects the company's thoughtful succession planning, ensuring its financial strategies remain robust and forward focused. Under the leadership of Dave Turk, Luminate Bank has built an exceptional financial infrastructure, delivering consistent results and creating a foundation that positions the company for continued success. Luminate Bank's CEO, Marc Campbell, shared his confidence in the appointment: "Josh not only brings exceptional financial acumen and strategic insight to Luminate Bank, but he also embodies the principles that define our organization: integrity, innovation, and a steadfast commitment to excellence," Luminate Bank's CEO, Marc Campbell, shared with confidence. "His leadership will ensure our financial strategies succeed and inspire confidence across all who depend on us." "I am honored to join Luminate Bank at such an exciting time. The company's remarkable history of financial excellence and its forward-thinking approach align perfectly with my values and vision," stated Josh Eifert. "I look forward to collaborating with the talented leadership team to build on this strong foundation and drive continued success for our customers, employees, and stakeholders." Josh graduated from the University of Minnesota with a degree in finance and completed the Graduate School of Banking at Colorado. CEO Marc Campbell expressed gratitude for retiring CFO Dave Turk's contributions, saying, "Dave has been instrumental in positioning Luminate as a financial leader. His dedication, insight, and stewardship will always be a part of our company's legacy." Josh Eifert will officially assume his role on February 18, 2025. About Luminate Bank® At Luminate Bank, We Open Doors—empowering individuals and families to achieve their financial dreams through personalized service and innovative digital solutions. As a nationwide bank headquartered in Minneapolis, Minnesota, we are committed to helping our clients meet their financial goals with a blend of modern technology, traditional values, and the trusted guidance of experienced professionals. Known for our exceptional commitment to customers, we take pride in delivering a seamless, supportive experience for every step of the journey. Our dedicated mortgage division has branches and a team of loan originators across the US, making expert home financing solutions accessible to communities nationwide. Luminate Bank is committed to safeguarding your money and accounts with FDIC insurance coverage up to applicable limits. Learn more about how we can open doors for you at www.luminate.bank , follow us on Instagram, LinkedIn, and Facebook, or call (952) 939-7200. For media inquiries, please contact: Debbie Schwake, CMO debbie.schwake@luminate.bank
Have a question or concern for our team?
We're ready to help!
COMPANY
Luminate Bank
NMLS# 1281698
