The trigger lead bill has become a 2025 priority for the mortgage industry after failing to pass legislation. House of Representatives last week, despite The Senate authorization. Mortgage brokers, however, remain optimistic about the bill’s prospects in the 119th Congress.
“The House still has to pass [this year]technically possible but highly unlikely,” said Brendan McKay, owner of Mckay Mortgage stock price and chief advocacy officer at Broker Action Coalition (BAC).
The legislation, introduced by Sens. Jack Reed (D-RI) and Bill Hagerty (R-TN), passed the Senate on Tuesday without amendments. It moved to the House, where it was considered a suspension calendar – usually used for non-controversial bills that require a two-thirds majority to pass.
However, concerns about the process and policy came from the House Financial Services Committee, chaired by Patrick McHenry. These issues, including opposition to using another legislative vehicle in the bill, are similar to those that led to its removal from the Fiscal Year 2025 National Defense Authorization Act (NDAA) in early November.
I Mortgage Bankers Association (MBA) said it will “continue to work with other coalition partners and our congressional partners – including a bipartisan set of 93 House and 44 Senate cosponsors – to advance this much-needed mortgage credit trigger lead policy change through new advocacy next year.” in the 119th Congress.”
The bill aims to restrict credit reporting agencies from sharing borrower information without consent, unless the third party requesting the data has originated the loan, is a current loan provider or has a current specified banking relationship with the consumer. The law addresses widespread complaints about unsolicited calls, texts and emails.
“Next year will be a test of whether Congress and/or federal agencies can ignore special interests and act with broad bi-partisan support — to stop abusive lead solicitation from third parties that borrowers don’t know and don’t want,” said Scott Olson. executive director at Community Association of Mortgage Lenders (CHLA). “CHLA has high hopes that they can.”
BAC’s McKay is also optimistic as the bill passed unanimously in the Senate, which is a very difficult chamber.
“When it is introduced next year, and we want the Congressional offices to be supported, we can not only put the same argument that we already have, but we can also point out that 100 US Senators did not oppose this bill, a fact that will help make legislators feel free to put their names on the bill,” added McKay.
McKay reiterated that while the passage of federal legislation is inherently challenging, the progress made this year – from the beginning to the next verse – is “moving forward at a rapid pace in DC”
Meanwhile, some pressure may come from the credit bureaus, which in November will propose a softer version of the bill. Their proposal included allowing “written offers” from any company that finds a loan trail while severely limiting phone calls.
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