Posted by Sarah/CA on 8/24/06 10:14am
Msg #140548

Borrowers getting inundated with soliciters for loans

I ran into my third set of borrowers who have told me that ever since they signed up for a loan whether it be a refi or even a second home that their phones have been ringing off the hook with other loan companies wanting their business. They were all very annoyed to say the least. In fact at one of them, just in the hour I was there to have them sign, the phone rang about 6 times with these calls. Has anybody else run into this as well? I know one gentleman told his loan officer to find a way to have the calls stop or he will cancel.

Reply by SueW/Tn on 8/24/06 10:23am
Msg #140551

Yep, seeing the identical thing here

I am being told that "searchers" (don't know the correct name for them) are madly researching the public docs looking for those ARM's that are adjusting now and within the next few months.

Reply by Becca_FL on 8/24/06 10:47am
Msg #140556

Re: Yep, seeing the identical thing here

Not only that Sue, but when the borrowers apply for a loan their credit is pulled. The credit companies sell lists of people who have had their credit pulled for a mortgage to lenders, brokers, etc. You know how it is when you apply for a new credit card...weeks later you have tons of credit card apps in your mail box.

I run into this frequently.

Reply by PAW on 8/24/06 10:59am
Msg #140561

Tell them about the DO NOT CALL registry. (https://www.donotcall.gov/default.aspx or simply type "www.donotcall.gov" into the URL address bar of your browser.)

The companies that scour the public records and credit reporting lists (and then sell the leads to brokers and mortgage companies) are supposed to sanitize their list with the DNC list.

Reply by Sarah/CA on 8/24/06 11:31am
Msg #140568

Thanks Paw. I will keep that in my briefcase to pass along when I hear how annoyed these people are.

Reply by LeNelle Stephens on 8/24/06 2:20pm
Msg #140607

FYI- There is also a website called optoutprescreen.com that allows you to opt out of credit bureaus selling/sharing your info., that works like the "DO NOT CALL" for credit offers.

Reply by Jason on 8/24/06 4:34pm
Msg #140627

LeNelle: optoutprescreen.com

Tx for info! Just filled out form. Will do for Grandma.

I'm going to keep this url in my notary briefcase.

Reply by LeNelle Stephens on 8/25/06 3:31pm
Msg #140977

Your welcome, Jason. n/m

Reply by sue_pa on 8/24/06 8:23pm
Msg #140691

I would never supply borrowers with any info other than what I"m there and paid to do - on the surface it doesn't seem to do any harm but you never know how something can come back on you.

I read several threads back regarding reverse mortgages that someone thought we should be aware of 'senior needs and the services offered by our counties'. Unless there would be a medical emergency in front of you, why anyone would presume to know what goes on in someone's life during the approx. hour you're with them (and during that time you're to be on loan docs) is beyond me.

Reply by BrendaTx on 8/24/06 8:59pm
Msg #140705

**I would never supply borrowers with any info other than what I"m there and paid to do - on the surface it doesn't seem to do any harm but you never know how something can come back on you.**

Sue's right about keeping your nose out of their business.

I have a neighbor who is on oxygen. He gets all fixed up with his tank, etc. and low and behold, he runs out of oxygen.

He calls in the need for oxygen for a week. Still it doesn't show up. Gritch, gritch, gritch...finally, he gets the word that the company is not going to get there for two days.

He could die in two days without his oxygen...fortunately, he uses what air he has left to chew some serious butt and finds himself a tank of oxygen...AND, a new supplier.

Just hope it was not a notary who left him the card for that crappy outfit.

Reply by TitleGalCA on 8/24/06 10:56pm
Msg #140793

PaW is correct: ***The companies that scour the public records and credit reporting lists (and then sell the leads to brokers and mortgage companies) are supposed to sanitize their list with the DNC list.***

However that (not sanitized list) launches hungry mortgage broker companies or hungry loan brokers and officers to get the deal...at all costs. To be Professional? LOL that is at the bottom of the broker/Agent checklist.

Beware. LO's, Loan Brokers, and RE Agents are doing handstands for business now. Even commercial transactions. It's almost amusing - if it weren't so pathetic and transparent. I see every day these contracts and counter offers and....it just makes me glad that God is still in control of a good business deal. And if God is on Coffee Break? beware of the future of your "business".

So speaks the Title Diva. Tell me how I am wrong as I'm moving into the 'jaded' period at this time and would like some encouragement!

Subdivisions aside in Ventura and LA County, of course.

Reply by BrendaTx on 8/24/06 11:09pm
Msg #140797

**So speaks the Title Diva. Tell me how I am wrong as I'm moving into the 'jaded' period at this time and would like some encouragement!**

I want to be de-jaded, too. I think I'll just go to bed...maybe I'll dream of rabbits.

Reply by ReneeK_MI on 8/25/06 3:17am
Msg #140821

Question, Paw ...

Ironically, I got a call from an L.O. about this (shows ta go ya, they're not ALL cut from the same cloth!). She wondered if I had any insights on how this was happening - lately, every time she pulls credit on an applicant, that applicant immediately becomes inundated with solicitations from other lenders. She'd begun doing her own 'pattern-searching', and can't understand how this is being (legally) done?

You're saying there's a way to obtain this information from the bureaus? (She believed the pattern was pin-pointing one particular bureau, though I don't recall which it was so I won't mention it.)