Why are you receiving so much junk mail after a mortgage closing?
Why It Happens
A security deed becomes a public record when recorded after a mortgage closing. Public information on a security deed might include the lending company's name, borrower's name, loan number, loan amount, and property address.
Some companies see a mortgage loan closing as a sign that a borrower might be interested in other mortgage-related products such as mortgage life insurance. As a result, these companies harvest public record information from security deeds. Often, these companies will try to deceive people by attempting to represent themselves as Exchange Bank.
What You Can Do
The following are recommended actions from the Federal Trade Commission to reduce the junk mail you receive.
- Register at the Direct Marketing Association's (DMA) consumer website DMAchoice.org. Choose what catalogs, magazine offers, and other mail you want to get. Pay a $2 processing fee, and your registration will last for ten years.
- To stop credit card and insurance offers, you can visit the website optoutprescreen.com or call 1-888-5-OPT-OUT (1-888-567-8688). The major credit bureaus operate this phone number and website. They will ask for your personal information, including your name, address, Social Security number, and date of birth. Sharing your Social Security number and date of birth is optional. However, the website says that giving this information can help them ensure that they can successfully process the request.
We hope this explains the mounds of mail you have received after you closed your mortgage loan with us, and most importantly, we hope you can use these tips to manage your mailbox. Please do not hesitate to contact us at 478-452-4531, if you have any questions.