Your Loan is Closed. Your Junk Mail is Off the Charts. Why?

An increase in snail mail is part of life after your loan closes.

It’s an exciting time! You’ve closed your home purchase loan, you have the keys to your new home, and you can’t wait to paint the kitchen marine blue. Or perhaps you’ve closed a refinance loan, you’re saving money with a lower rate, and you’re looking forward to the improved cash flow.

But wait. What’s all this junk mail doing in your mailbox? How did these home warranty, burglar alarm, mortgage protection insurance, and replacement window companies find you?

We do not sell borrowers’ information.

Let’s clear this up right now. We do not sell our clients’ information. Period. End of story. However, you may see our name mentioned in the junk mail because your lender’s name becomes public once the title company files the property deed with the county. Say what? Read on!

OK, then how did they get my address?

When your deed is recorded, the following information becomes part of the public record:

• Your name (and the names of any co-borrowers).
• Your lender’s name.
• Your loan amount and number.
• Your property address.

Anyone can see this information, and individual local businesses often use the data for marketing. There are also direct marketing companies that harvest the data and sell lists to businesses looking for ways to expand their client base.

There’s nothing you can do to prevent this disclosure, but there are ways you can decrease the tidal wave of mail.

Please make it stop!

It’s unlikely that you’ll be able to stop the influx of junk completely, but you can cut the volume significantly by visiting any of these four sites.

OptOutPreScreen.com is the joint site of the 4 biggest credit reporting industry companies: Equifax, Experian, Innovis and TransUnion. Use this site to opt out of offers for credit or insurance. You can opt out for 5 years or permanently, and there’s no fee.

DMAchoice.org is the official site for the DMA (formerly Direct Marketing Association). It allows you to choose categories of mail you don’t want to receive, such as credit offers, catalogs, and magazine offers. There’s a $2 fee and your selections are good for 10 years.

CatalogChoice.org is a not-for-profit organization offering an opt-out service for catalogs and some other types of junk mail. They have over 9,000 titles in their database. You’ll need to register on the web site and the service is free, but they appreciate donations.

PaperKarma.com is an app-based service for Android and iOS devices. It claims to be the largest do-not-mail registry in the U.S., with over 100,000 mailers in its database. This site offers a free trial and then you can choose a monthly, annual, or lifetime subscription.

Don’t hit the shred button without checking first.

Remember, in addition to all the junk, you’ll receive legitimate, important mail related to your loan and your home. Before you throw any mail in the shredder, look at the contents. You don’t want to miss information about your title insurance, loan servicing, or property taxes. You might also see a great offer for a garage door or window treatments from a company you know and trust.

A special note about mortgage-related services.

Some scam mail solicitations will look like legal requests and may make you wonder if you need to pay a fee to record your deed, if you must buy mortgage protection insurance, or if you should set up semi-monthly mortgage payments. Don’t be fooled!

• First, you paid all your legal fees at closing, so your deed should be recorded. Check with your title company if you have any questions.
• Second, if you want to pay your mortgage more often than once a month, contact your loan servicer (the company where you send your monthly mortgage payment) and ask them about setting up semi-monthly payments. You may be able to arrange for payments automatically through your bank, too. There shouldn’t be a charge.
• Finally, if you’re concerned about your surviving loved ones being able to pay the mortgage after you pass away, talk to your homeowners insurance agent or company about your options.

We’re here to help our clients!

If you receive unsolicited mail and think it’s from us, contact your licensed CrossCountry Mortgage loan officer to make sure it’s legit. We want you to see the important mail, and we don’t want you to be scammed into paying an unnecessary fee for a service you didn’t request.

This article is for educational purposes only and does not constitute financial or mortgage advice. Loan programs, rates, and guidelines may change at any time. All loans are subject to credit approval and underwriting. For guidance tailored to your situation, consult a licensed mortgage professional.