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A coalition of housing and financial industry groups, led by the Mortgage Bankers Association (MBA), has formally voiced its support for federal legislation that would limit the use of mortgage trigger leads.
The letter, addressed to key House and Senate committee leaders, calls for the swift advancement of the Homebuyers Privacy Protection Act, reintroduced as H.R. 2808 in the House and S. 1467 in the Senate.
In a joint statement, the coalition urged lawmakers to move quickly.
"This important consumer protection legislation, if enacted, would curb the abusive use of mortgage credit 'triggers leads' in all but a limited set of circumstances," the letter stated. "As you know, substantially similar legislation passed the Senate by Unanimous Consent last year. We urge you to support this carefully crafted proposal and to take appropriate steps to advance the two bills through your respective committees as soon as feasible."
The joint letter was signed by the following organizations: Mortgage Bankers Association, National Association of Mortgage Brokers, NATIONAL ASSOCIATION OF REALTORS®, National Association of Home Builders, American Bankers Association, Independent Community Bankers of America, America’s Credit Unions, Consumer Federation of America, National Consumer Law Center (on behalf of low-income clients), Center for Responsible Lending, Broker Action Coalition, Leading Builders of America, National Housing Conference, Community Home Lenders of America, CONSUMER ACTION, Housing Policy Council, and the USPIRG.