SPAM: New Mortgage & Lots of Junk Mail
So you’ve just closed on purchasing a new house or you’ve refinanced your mortgage? Awesome, congratulations! I expect your mailbox to be full very soon. Here’s why:
1. How did they get my information?
As soon as your deed is recorded, they put you into their mailing list for "New Homeowner" service solicitations. Many businesses take advantage of new recordings at the courthouse because the recordings are public information.
It is important to glance at every piece of mail.
Many of these solicitations are junk and should be discarded, but a few important pieces of mail are on their way as well.
2. What information are these solicitors able to retrieve?
This means that parties interested in selling you products and services can freely get data on you from your deed recording within a week or two after closing. This information includes:
the mortgage lender
the borrower (you)
loan amount
loan number
property address
3. What will these letters say?
The spam letters will indicate that you need to obtain a new service or finalize something “required” for your mortgage. Some will be very convincing. Worse, some will be legitimate - you’ll need to watch closely to distinguish between legitimate mail and junk mail.
Is it actually from your new mortgage company? It’s possible. Your new mortgage company is likely sending you your first mortgage statement with a payment coupon. Your insurance agent is sending you a copy of your new homeowner’s insurance declarations page. You could also receive notice that your loan was sold to a new mortgage company (this happens with all lenders sometimes).
Do I have to buy special mortgage insurance before it’s “too late”? No.
Is there an urgent Death, Disability, Critical Illness type of Mortgage Protection Life Program that you need to complete and return within 7 DAYS? Also, no.
Because part of the information recorded includes the lender, companies that are trying to deceive you may attempt to sell you products or services and represent themselves as Quicken Loans. There are a few things you should know in order to avoid getting taken by a company misrepresenting itself:
Some companies won’t say who they are, but will place our logo on their mailer. They may offer autopay for a small fee attached to every payment or a couple hundred dollars to start the plan. Quicken Loans offers a variety of payment options including autopay, but we’ll never charge you to make a payment.
You may also get offers for a couple of different types of life insurance. In the case of mortgage life insurance, these policies take effect if an unexpected life event causes you not to be able to make a couple of mortgage payments. The second type of life insurance pays a benefit to you or your loved ones if the person named in the policy passes away. While these policies in and of themselves aren’t a bad thing, companies may try to present them as if Quicken Loans is offering them. We don’t offer any life insurance service. If you’re considering these policies, look for a company that is honest about who they are.
You may also get mail for lawn and snow removal service, security systems, etc. You may or may not want to take advantage of these offers. You can also take steps to reduce or eliminate junk mail.
4. Some Examples
Here’ some Spam Mail that I personally received after refinancing.
