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Committee approves mortgage-trigger bill to curb post-application solicitations
Banking and Financial Institutions · March 12, 2024
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.
Summary
A committee unanimously passed a "mortgage trigger" bill that would require lenders and solicitors to disclose affiliation in early solicitations and allow consumers to opt out of follow-up solicitations; the measure aims to reduce bait-and-switch and excessive post-application sales calls.
An unidentified presenter introduced a mortgage-trigger bill to the Banking and Financial Institutions Committee that would limit certain loan-solicitation practices after a borrower applies for a mortgage. The presenter said the bill requires early solicitation language…
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