We occasionally apply for mortgages with online lenders to see what their process is like, and holy smokes, is it terrifying!
I applied once myself, and was stunned by how ridiculously aggressive they were with their follow-up calls, emails, bomb threats, kidnappings, and extortion demands…
OK, OK… it was just emails and phone calls, but the sheer volume was nothing short of epic. Fortunately, I used a new Gmail address that I set up just for the application (which is now filled with approximately 11 million emails from online lenders and nothing else) and I was able to block the calls, but it was brutal!
I bring this up because the online lenders are now worse than ever – in light of how little volume there is in the industry overall right now.
Credit Bureaus Sell Borrower Info When Credit Is Pulled
AND – unfortunately, borrowers are getting pummeled by the online lunatics even if they never apply for a mortgage with any of them.
This is because when borrowers apply for a loan and have their credit pulled, the credit bureaus sell borrower info to online lenders!
As a result, we sometimes have borrowers complain to us about all the calls they are getting after they apply with us – because they mistakenly believe that we sold their info.
As a quick note: JVM Lending has never sold any borrower info nor will we ever.
In any case, it is the credit bureaus selling the info and not us.
Good News: Borrowers Can Opt Out Of Credit Monitoring!
And – the good news is that borrowers can opt out of credit monitoring to ensure they don’t get any of those incredibly annoying phone calls.
Borrowers need only to log on to this website: Opt Out Pre-Screen, and click the prompt at the bottom of the home screen page.
