Last month, Representatives John Rose (R-TN) and Ritchie Torres (D-NY) and Senators Bill Hagerty (R-TN) and Jack Reed (D-RI) introduced the Homebuyers Privacy Protection Act of 2025 (H.R. 2808 and S. 1467, respectively). This important piece of legislation – which is substantially like the proposal that passed the full Senate last Congress by Unanimous Consent – would eliminate the abusive use of mortgage credit trigger leads (during both multi- and single-family real estate transactions) while preserving their deployment in appropriately limited circumstances. Six months after the enactment of this proposal, trigger leads would be permissible under the Fair Credit Reporting Act only in limited circumstances during a real estate transaction and only to provide a firm offer of credit. A credit reporting agency (“CRA”) would not be able to furnish a trigger lead to a third party unless the third party has certified to the CRA that either: the consumer explicitly consents to such solicitations; the third party has originated the current residential mortgage loan of the consumer; the third party is the servicer of the current residential mortgage loan of the consumer; or the third party is an insured depository institution or insured credit union and holds a current account for the consumer.
- Why it matters: Your advocacy matters! Just last week, MBA’s National Advocacy Conference 2025 attendees participated in 285 meetings with individual House and Senate offices – and once again explained to lawmakers the potential consumer harm related to trigger leads and companies that use them to misrepresent themselves, attempt to confuse or deceive recent applicants, or inundate them with phone calls, texts, emails, or direct mail. The reintroduction of this bipartisan, bicameral measure is in direct response to those efforts.
- What’s next: MBA will continue to work to build support with lawmakers on both sides of the aisle – and push for consideration/advancement of H.R. 2808 and S. 1467 by the House Financial Services and Senate Banking Committees (respectively) as soon as possible.
As a MAA member, we need you to contact your U.S. Representative and U.S. Senators TODAY and tell him/her to cosponsor H.R. 2808/S. 1467 (or thank him/her for already cosponsoring).