The mortgage industry has made the trigger leads bill a priority for 2025 following its recent setback in the House of Representatives, despite receiving approval from the Senate. Despite this challenge, mortgage trade groups are optimistic about the bill’s chances in the 119th Congress.
“It would still have to get through the House [this year], which is technically possible but very unlikely,” said Brendan McKay, owner of Mckay Mortgage and chief advocacy officer at the Broker Action Coalition (BAC).
The bill, introduced by Sens. Jack Reed and Bill Hagerty, passed the Senate without amendments and moved to the House for consideration. However, concerns were raised at the House Financial Services Committee, led by Patrick McHenry, leading to its removal from the Senate’s Fiscal Year 2025 National Defense Authorization Act in early November.
The Mortgage Bankers Association (MBA) is committed to working with coalition stakeholders and congressional allies to advance the needed changes to mortgage credit trigger leads policy in the 119th Congress.
The bill aims to restrict credit reporting agencies from sharing borrower information without consent, addressing complaints about unsolicited calls, texts, and emails.
Scott Olson, executive director at the Community Home Lenders Association (CHLA), expressed optimism about the bill’s prospects next year, while BAC’s McKay highlighted the progress made in getting the bill through the Senate unanimously.
While some pressure may come from credit bureaus proposing a softened version of the bill, the mortgage industry remains focused on advocating for the original bill’s passage.
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