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volition of my confidential info

it seems my lender, a independent broker in Encino CA, sold my information to other banks! Is this ethical or legal? The entire reason I went to a private broker was so that I could deal with one bank ...now i am getting about 4-5 calls a day from random loan companies. What can I do? by dgriffith652 from Encino, California. May 14th 2019 Reply


Dave Skow (daveskow)
#16 ranked lender in Washington - 262 contributions

your lender should have had a form that you chose to opt in or opt out for sharing of your data with their common owned companies ...have you asked them about this ... how do you know they were the ones that sold the data ? there is a chance that the new loan you likely received hit the public record and these calls are derived from this ...

May 15th 2019
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

First, most all small independent brokers do NOT sell off your information.. but brokers do not hold the loan.. they broker it out to larger banks.. those larger banks will solicit you for a new loan, and sometimes, they have several mortgage companies under one parent company, and all the different companies are calling you.. Also understand that Deed's of trust are publicly recorded documents.. There are lenders who purchase the list of recently filed deeds of trust with the county and they look those folks up and solicit them.. Trigger Leads are also popular with mortgage companies.. Lenders will go to Experian/Equifax/Transunion and purchase the information for folks who had their credit ran recently by a mortgage company.. When you agreed to having your credit pulled, there is a disclaimer that the credit reporting agency can and will sell off your info.. Although unusual, It's possible that your information was sold by your lender, , but if it was, i doubt a mortgage company would sell off it's client list to other mortgage companies.. regardless, if they did sell your info, then somewhere in documentation you signed, you would have agreed to let them do it.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

May 17th 2019
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Mel Baker (makinghomeloanssimple@gmail.com)
#1339 ranked lender in California - 21 contributions

William is correct! t is likely that the credit reporting company, not the broker,who sold your information. Cant live with them,cant live /o 'em!Feel free to give me a call regarding the options available to you. NO OBLIGATION. If decide to work together I will offer you the absolutely lowest cost scenario possible.Mel S.BakerArcstone Financial(310) 985-9778 NMLS 80541

May 24th 2019
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