Mott... This new practice of buying information from the newly pulled credit reports and then acting as if they are with the company they started with is so disturbing!  What is wrong with good 'ole fashion advertising, and building your own data base?  Thanks for weighing in!

Kim, in the 2 years since I took out an adjustable rate mortgage on an investment property (which I have since refinanced), I received over 100 solicitations from different mortgage companies.  Some of them were made to look like an official mailing from the government, with official-looking manila window envelopes, very intimidating.  Many tried to look misleadingly like they were from my original mortgage company.  I would never do business with a company that employed such tactics.

Brian...  This is another good point, I ALWAYS tell my clients that their mortgage information is public record.  That they will receive mailings with my company name on it.  BUT unless my name is included with the company name it did not come from me.

I had this happen to 3 of my clients in one week.  The first time I got a call about it I just shook it off, but then it happen 2 more times.  One client, even told the caller that if they were from the mortgage company then they would have that information all ready and hung up.

Great Post,

I have been giving my clients a preprinted document at the time of disclosure myself that has the email address for the optoutprescreen.  I also might recommend you getting involved with your mortgage brokers or bankers association.  They are both lobbying State and Federal now to make this issue be readdressed with clients identity. 

Great Post

Joe... That client was smart....some people don't think when giving personal information over the phone!  I also told my client that if it was someone I was having work on their loan, they would have already had all the information.  This is why EVERYONE needs to know this!

Anonymous...Great idea to give pre printed information to clients!  The owner of my company is president elect for the IAMB. 

Thank you both for your comments!

Kim - OMG!!!  I've heard about stuff like that but have never known anyone (and hope it stays that way) to experience it.  I can't believe you had a past client get scammed like that!  Your newsletter sounds like it's very informative, especially if it had the "opt out" option in one of your mailings.  Wow...  thanks for adding the numbers so I/we have them handy!

Susie...  I think its like anything else, we all think it wont happen to us!  I opted out last year, and have noticed a HUGE decrease in the solicitation mail I get for credit cards and the last time I refinanced I did NOT receive one call about the application I had completed!

Kim,

 You did an excellent job explaining how easy it is for people to get scammed and how difficult it can be to decipher  the "good guys" from the bad ones. I would love for you to take a look at my blog. We aim to help loan officers like yourself standout from the ones that are willing to manipulate homeowners. Thanks!

Kim,

Thanks for the valuable information! It is incredible what people will do to make a buck!

Jack

"I ALWAYS tell my clients that their mortgage information is public record.  That they will receive mailings with my company name on it.  BUT unless my name is included with the company name it did not come from me. "

I do the same...especially once I pull their credit!!

ive seen shady lenders...........this is up there

Kim - great post - hard to believe what people will do for money! (Check your title sp?) 

Meg... I will check out your site. 

Jack... It amazes me too, Thanks Jack!

Kris... I guess we can tell them, but they dont always remember or listen..

Dominick...  This is up there, your right.

Cyndee... Money is an evil motivator sometimes.

Thank you all for stopping by! 

I talked about this same thing in my blog my turn to rant. Thank you for the opt out information. It is still hard for me to swallow the fact that we can pay for a credit report only to have our customers information sold to our competitors. I try to inform my customers that they may be contacted by someone from other lenders. The sneaky tactics they use make my skin crawl. Thanks for keeping this topic in the forefront. Hopefully this kind of practice will become illegal.

Michael... I read your blog!  Your rant is warranted!  Something needs to change!  Selling clients information without permission should be illegal!