NEW ORLEANS -- Real estate brokers and agents are beginning to worry about "trigger lists" being sold by the three major credit repositories to lead generation companies which repackage them for sale to lenders and brokers.

The National Association of Realtors has already discussed the issue with the Federal Trade Commission, which has said it doesn't see anything wrong with the practice, according to members of NAR's Conventional Finance and Lending Committee.

But the 120,000-member trade group, the nation's largest, isn't so sure, and plans to meet with the consumer watchdog agency again before the year is out.

NAR's main concern is that its members' deals could be put on hold or even short-circuited completely if a would-be buyer bites at an offer from another lender.

"Trigger lists" are registers of mortgage applicants who have paid lenders to pull their credit reports. Once the repository receives an order, it places the applicant's name on the list with hundreds or thousands of other applicants, and sells the list to other lenders or brokers, who immediately contact people with what are claimed to be better offers.

"Suddenly the whole world descends on you," said John Veneris, a Downers Grove, Ill., agent and the new chairman of the NAR panel.

"It could be a good deal for the consumer because it may be a better loan, but maybe not," Mr. Veneris said at the group's annual convention here earlier this month.

The National Association of Mortgage Brokers has raised concerns about the practice. But the Mortgage Bankers Association has yet to formulate a response, which has left some of its own members rankled. Several are said to be particularly dismayed that the association accepts advertisements from lead generation companies on its "MortgageLink" website.

One of NAR's main concerns is that its members are often accused by their clients of selling their personal information to the list generators when they, in fact, have nothing to do with it. But another worry is that closing could be delayed -- or a deal could even fall through altogether -- if a borrower decides to look at what others are offering in the way of lower rates or different loan products.

"People are always looking for a better deal," Mr. Veneris said during a meeting of his committee, noting his fear that borrowers could be preyed upon by "the blood suckers of the lending industry."

Lenders might not be the only ones to lose deals, said the Realty Executives Pro Team agent, but so could agents and brokers.

The committee is considering a policy measure that would make it standard practice to tell consumers how to "opt out" of having their names placed on trigger lists. "We as Realtors have an obligation to raise the awareness level," said one committee member.

But another raised concerns that such a move could be considered anti-consumer. "The last thing we want to do is appear to stifle competition," he said, suggesting that any notice to borrowers must appear as though the realty community is looking out for their best interests.

Meanwhile, mortgage brokers in Louisiana are taking their own steps to put a stop to trigger lists, according to Mike Anderson, president of the Essential Mortgage Co. of Baton Rouge. Essential is a division of Latter & Blum, the Bayou State's largest real estate firm.

Mr. Anderson, who was attending the NAR convention, said the state NAMB group is hoping to get their lawmakers to adopt a law similar to one in Vermont, which is the only state to prohibit trigger lists.