PORTLAND, Maine — Buying a home can be stressful, especially when lenders contact borrowers with hundreds of calls and messages they did not ask for.
A new bipartisan law will soon limit the use of what are called "trigger leads." As a result, credit bureaus will no longer sell homebuyer information to third-party lenders, so borrowers should receive fewer unwanted offers.
Under the Homebuyers Privacy Protection Act, these trigger leads will be permitted only in minimal circumstances.
People can receive a flood of mortgage offers within 24 hours of applying, according to Norway Savings Bank President and CEO Daniel Walsh.
"The number is in the hundreds," he said. "Typically, people get inundated with these solicitations."
Walsh said he hears this complaint from borrowers all the t