“When the bill was voted unanimously out of the House Financial Institutions Committee, a congressman said how he applied for a loan and had been bombarded by 2,000 calls and texts from different companies,” he said. “It’s not like they were just calling once or twice. They just didn’t give up, and he was thinking, ‘How do, particularly the elderly, handle that?’
“If they’re not that clued in on how to block a text, or how to go in and block a call, so you just don’t keep getting it. Everybody thinks, ‘Oh, everybody knows how to do that.’ Guess what? They don’t. It just kept building up and getting worse and worse.”
Speculation about Federal Reserve Chair Jerome Powell’s potential departure is sparking anticipation among mortgage professionals for a significant interest rate reduction.https://t.co/RZwKvvlzDy
— Mortgage Professional America Magazine (@MPAMagazineUS) July 24, 2025
With the signing of the bill into law likely days away, Nabors said brokers and customers can focus on that trusted relationship without worrying about hundreds of companies trying to swoop in and potentially giving the customer bad information.
“We also have to look at it from the customers’ point of view,” Nabors said. “They made a conscious decision to choose to do business with someone, and then they’re being inundated by people that don’t really know them or know anything about them. They don’t know what issues the borrower may have or anything else to be able to give them the guidance that they need.”
“That’ll be good for our industry. But number one, it’ll be good for the people who are looking to buy a home, refinance a home, or do a home improvement. And I think that’s ultimately what the goal was.”
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