Mortgage Junk Mail
You are finally getting settled in your new home, and you suddenly start seeing all kinds of junk mail related to your new home or mortgage. Offers for mortgage protection insurance (MPI) or to obtain copies of your deed information for a fee. Advertisements for a lower rate and payment. Sometimes, it can even look like your lender sent the mail.
Once your loan closes, information like your name, address, lender, and loan amount are recorded with the county and become public records. These records are important, as they keep track of all interests in the property and are needed to safely buy and sell real estate. Otherwise, it would be open season for scammers. Unfortunately, it also means that marketers can bombard you with unwelcome (and often confusing) offers.
Where does this unsolicited mail come from? How did they get your information? And is there any way to stop it?
Did tnConnect Sell My Information?
No. We have a trusted relationship with our members and have measures to protect your information. tnConnect Credit Union will never sell your information.
Your mortgage is public record. When you close on your home, the transaction becomes a matter of public record which anyone can access. Information like your name, address, and the loan amount are all readily available. Companies that want to market their services take advantage of this. That’s why you will see multiple offers from insurance, lawn services, renovation, and home warranty companies vying for your business.
Why Am I Getting So Much Physical Junk Mail Now?
Companies send these letters to get you to purchase supplemental products or services in conjunction with your new mortgage or home equity product. Whether you need these products or services is up to you, but we urge you to proceed cautiously. These mailings are often framed in a way to look like authentic communications from your lender rather than the advertisements they truly are.
What Do These Mortgage Mailings Look Like?
They could offer mortgage protection insurance, home/appliance warranties, homesale record processing, or lower interest rates. Some may not include an offer and instead tell you to call a certain number immediately.
Are These Mailings From My Lender?
No. These mailings for mortgage insurance, mortgage protection plans and other services are not from your lender. Many companies that use these mailings will type the lender’s name in bold to make it seem like it’s from your lender. However, at closer look, most mailings have small text stating, “Not affiliated with or endorsed by any bank or lending institution.”
Any correspondence from tnConnect will not include language such as “Call Now for a Limited Offer.”
Never send money or share personal information with unsolicited services until you’ve verified the letter’s legitimacy. If you receive mailings that reference tnConnect Credit Union or your accounts and are unsure if they’re legitimate, please don’t hesitate to contact us directly at 865-688-2424.
How do I stop these unwanted mailings?
There’s really no stopping junk mail from arriving in your mailbox or inbox. But you can trim the volume significantly by visiting sites like these:
OptOutPreScreen.com. This stops the credit bureaus from selling your information for a period of 5 years. To opt out permanently, you must complete and mail back a physical form. To allow time for processing, opt-out at least 5 days before a credit inquiry. This is a free service.
CatalogChoice.org. This not-for-profit organization offers opt-out service for several types of junk mail. Also free.
PaperKarma.com. An app-based subscription service for Android and iOS devices, PaperKarma has more than 100,000 mailers in its database that you can block.
DoNotCall.gov. Register your phone number on the “Do Not Call Registry” at donotcall.gov. This can also be completed phone at 1-888-382-1222. It can take up to 31 days for your request to be put into effect so, when at all possible, register a month in advance of applying for a mortgage.
DmaChoice.com. Sign up here to keep loan offers out of your physical mailbox. There is a $4 charge for this service, but think of how much junk mail you can eliminate in the process!