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Mortgage Lead News
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Monday, March 25, 2013 |
12:46 PM |
Texas
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One of the three major credit bureaus has agreed to a settlement over charges it sold data on borrowers who were past due on their home loans. Some of the data was used to generate leads for loan modifications.
Section 604 of the Fair Credit Reporting Act, 15 U.S.C. § 1681b, prohibits consumer reporting agencies from furnishing consumer reports to anybody other than those they have reason to believe have a specified "permissible purpose."
In the case of pre-screened lists, the only permissible purpose is to make a "firm offer of credit or insurance." The bureaus are required to make a reasonable effort to verify the identity of each new prospective user of consumer report information and how the reports will be used before providing the reports.
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A new report identifies the states with the highest average monthly mortgage payments. Also included in the report is the share of monthly income taken up by house payments.
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After reviewing hundreds of Internet, newspaper and mail advertisements, two federal agencies have launched investigations and issued warning letters over potential violations of a federal advertising rule. In addition to mortgage companies, ads from lead companies, home builders and advertising agencies were targeted.
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Zillow Inc. has reached a deal that will make it a player in the product and pricing engine business and expand its presence in the mortgage leads marketplace.
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A federal judge has awarded hundreds of thousands of dollars in damages to a mortgage lender that claims it was harmed when a Florida branch manager took 18 employees to a new company and convinced loan originators to hold off on processing numerous loans until they went to work for the new employer.
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Government settlements have been reached with a major credit bureau and a mortgage lead provider over the sale of data on distressed mortgage borrowers.
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Mortgage lead providers continue to make adjustments that increase the return on investment for loan originators who rely on paid leads. While one firm is focusing on federally insured reverse mortgages, several have recently capitalized on business pouring in from the expanded Home Affordable Refinance Program.
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At least two companies hope to capitalize on Mortgage Guaranty Insurance Corp.'s upcoming exit from the business of providing websites for mortgage loan originators. One of the replacement offerings promises to boost lead generation results.
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Proceeds from a $3 million LendingTree LLC settlement have started being disbursed. The settlement resolved litigation that alleged the company failed to make the required mortgage broker disclosures on loans in South Carolina.
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