This new law protects mortgage borrowers from unwanted communication
Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), hailed the new law as a victory for mortgage borrowers. He stated, “This new law is a major victory for mortgage borrowers that will protect them from the barrage of unwanted calls, texts and emails they too often received immediately after applying for a mortgage.” The law is set to go into effect on March 5, 2026, and aims to create a more efficient and respectful home buying process.
Broeksmit also mentioned that the MBA will collaborate with its members and federal agencies to ensure a smooth transition over the next six months.
The law prohibits companies from making credit offers without explicit consent from consumers or unless the offer comes from their existing originator, servicer, bank, or credit union. Companies must also be ready to provide a “bona fide” credit offer.
While many trade groups support the law, some industry professionals have concerns about the opt-in requirement for consumers. Critics worry that this measure could give retail lenders an advantage over competitors, leading to questions about whether the rule truly protects consumers or hampers competition.
Jim Nabors, president of the National Association of Mortgage Brokers (NAMB), praised the bill as a victory for American consumers. He stated, “Consumers now have more control over the information they receive as part of the homebuying process, and they can now eliminate trigger lead abuses while preserving their use in appropriately limited circumstances.”
Many in the mortgage industry expressed gratitude for the conclusion of a lengthy legislative process. Brendan McKay, chief advocacy officer for the Broker Action Coalition (BAC), remarked, “The BAC is proud to see this fight finally cross the finish line. This bill shows what’s possible when the industry puts differences aside and works together toward a common goal.”
Isaac Boltansky, head of public policy at Pennymac, believes that the law will bring positive change for consumers and lenders alike. He stated, “By curbing abusive data practices while preserving responsible competition, this framework strengthens trust in the mortgage process and creates a healthier, more sustainable marketplace.”
Craig Ungaro, chief operating officer at AnnieMac Home Mortgage, expressed appreciation for President Trump’s collaboration with industry experts to implement practical protections for consumers. Ungaro said, “We appreciate President Trump’s willingness to collaborate with industry experts to tackle problems and implement practical, common-sense protections for consumers.”
Editor’s note: This story was updated with comments from the Broker Action Coalition, Pennymac, and AnnieMac.