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A preapproved mortgage lead contains consumer information data about consumers who have been prequalified for a particular loan amount by another authorized lending broker. Preapproved mortgage leads are available from a variety of marketing service providers that also have the authority to compile credit reports and financial histories on those that allow their information to be seen by a variety of lenders and brokerages. The advantage for consumers who volunteer their contact number to be distributed to various lenders is that generally only one credit report is requested, the information then which becomes part of the lead or contact file.
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