Kevin Sears President | Official website
President Trump has signed H.R. 2808, the Homebuyers Privacy Protection Act, into law. The legislation aims to prevent homebuyers from receiving unsolicited communications from competing lenders after applying for a mortgage. The bill, introduced by Representatives John Rose (R-Tenn.) and Ritchie Torres (D-N.Y.), targets the practice of selling mortgage credit “trigger leads.” These leads are created when a consumer applies for a mortgage and a lender makes a credit inquiry with a consumer reporting agency.
Shannon McGahn, executive vice president and chief advocacy officer of the National Association of Realtors (NAR), commented on the development: “The National Association of Realtors strongly supported this legislation from day one, fighting to end a practice that bombards homebuyers with unwanted calls, texts, and emails at one of the most important moments of their lives,” said McGahn. “This is a win for transparency, consumer control, and privacy in the mortgage process. We are grateful to the president for signing this act into law; to Representatives Rose and Torres for leading this effort; and to the bipartisan coalition in Congress that made it possible. Homebuyers now have a stronger shield to protect their personal information, and that’s a victory for every future homeowner in America.”
NAR joined other organizations in sending a letter supporting the bill to the House Financial Services Committee. The committee is led by French Hill (R-Ark.) with Ranking Member Maxine Waters (D-Calif.). Senators Jack Reed (D-R.I.) and Bill Hagerty (R-Tenn.) introduced similar legislation in the Senate.
The National Association of Realtors works across residential and commercial real estate sectors. The organization provides resources such as free consumer guides about buying or selling homes at facts.realtor.
