More from the mortgage-junk-mail bag

The junk mail makers must be working feverishly on new angles to trick consumers.   This piece we received yesterday really makes me [photopress:DSC_0037.JPG,thumb,alignright]pi$$ed!!!   It claims to be from the “Loan Audit Department

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About Rhonda Porter

Rhonda Porter is an NMLS Licensed Mortgage Originator MLO121324 for homes located in Washington state. Her blog, The Mortgage Porter, is nationally recognized for sharing relevant information to consumers about mortgages. She has been originating mortgages since 2000 at Mortgage Master Service Corporation #40445 Consumer NMLS Website: NMLS ID 40445. Equal Housing Opportunity. You can follow Rhonda on @mortgageporter, Facebook and/or Google+

40 thoughts on “More from the mortgage-junk-mail bag

  1. I got one from you a couple weeks ago, Rhonda. I wish you’d just stop. 😉

    Seriously, this was fantastic. They knew my mortgage amount and they promised me 86K cash back, and a monthly payment of $82 for the next ten years.

    Unwritten was the 1.2 million balloon payment in 2017, but still.

  2. This things make me so mad. I’m going to keep posting about them until everyone knows. I’m surprised people fall for it…but this one did make me think twice (did they lose our check??? or ???).

    I also forward the extra misleading ads onto DFI.

  3. I received a similarly-threatening piece of junkmail recently with Golf Savings Bank (where our loan was originated) in very large letters, and it was only upon close inspection that I noticed tiny letters above the bank name that said “not affiliated with.”

  4. Rhonda/Jillayne: Can you comment and explain what Pres. Bush’s comments on the bail out today imply for home owners who have done their part by taking fixed mortgages, good % down (20), paying regularly ..Does it mean more taxes for us to bail out those who should have never ever gotten their huge mortgages?

  5. Yes.
    Unfortunately, the Democrat candidates are making similar noises about a homeowner bailout.

    How do I feel? Like throwing my laptop out the window. No, wait, that would be a mistake. Like sending a giant bank of flaming dog poop to the President? No, that would get me in big trouble with Homeland Security. Like writing a blog post? Okay. I will attempt to channel my emotional rage in a healthy way.

  6. Sandy, I was watching Bush too. We’ll have to wait and see what it means. He did not stick around for questions and it was mostly proposals. I would like to see FHA raise their loan limits. FHA will only help borrowers who are “credit worthy” (no lates in the past year) but FHA is not credit score sensitive. He also mentioned decreasing the down payment requirement for FHA which is currently approx. 3%. If they do that, I hope they have a requirement for reserves of approx. 6 months PITI after closing for the lower down. Otherwise, we’re still doing the same zero down loan.

    Those who have not been able to pay their accounts will not be rescued by George’s proposal. The HUD Secretary confirmed this as well following Pres. Bush’s speach.

  7. Gary, thanks for commenting that. I think we should expose lenders who are doing this deceptive marketing and trying to use scare tactics.

    If a lender must market to strangers (people who don’t know them yet) why not send out a friendlier piece of mail? They have access to public records which disclose more than you’d want to know…even the credit bureaus legally sell your private information as soon as a credit report for a mortgage is ran.

    People who create fear to get results are bullys and I’d like to throw one of Jillayne’s flaming bags of poop at them! 😉

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  9. Jillayne @8 … Plus, who would go with a mortgage company due to a sexy photo on the front? 🙂

    Cari @9: I knew it wasn’t Golf directly. I’ve had nothing but positive experiences with those folks. It’s just interesting that the type of companies who *do* these shady mailings can tap into the info of where my mortgage orginated and try to use it in that way.

  10. Rhonda,

    I thought there was some way to prevent these shady mailings? A box that gets checked by your original LO or Escrow Company to prevent your info from being distributed out to the shady mailers…no?

  11. Ardell, unfortunately the box your check on the privacy notice is only to stop mailing from YOUR LO and/or mortgage company.

    You’re still fair game if own a mortgage by any other person who uses a sleezy shady mailer. Our info is public record. Some use to obtain lists from title companies…our info is for sale. If not by public recored, you can buy a list from the big-3 credit bureaus.

    If a lender (or any junk mailer) is sending something with a reply form, I like to return it to them blank…for some twisted reason I feel pretty good about costing them money since they’re wasting my time and using fear tactics and trickery towards innocent home owners.

    You can opt out from the bureaus and other offers. I linked to it in the comments on 7.

  12. Here’s a brief rundown:

    Lenders can purchase trigger leads. This is where the credit bureaus (Experian, Transunion, and Equifax) sell people’s information. Loan Network utilizes this lead system. Typically, someone goes to their mortgage broker, and has their credit pulled, then that info is then sold to sometimes multiple mortgage lenders who then cold call borrowers and try to sell them option loans b/c of the “lower rate”.

    Lenders also can do direct mail marketing with the names of the mortgage company that originated the current loan on their mail. They pull all this info off title records. This, actually, is how Countrywide did a lot of their cold call marketing claiming the call was a ‘customer service’ call asking if the borrowers had any questions about their mortgages….hmm….right….

    Cool stuff huh? The world we live in!

  13. Rhonda @11. That was my point. It was junk mail disguised to look like it was from Golf when it was, in fact, not. Re-read my original post. It’s clear that I’m saying it wasn’t from them. No need for a lecture on responsibility.

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  15. Got a snail mail stating “Final Notice”, opened it and got a scare as I first noticed that it was related to my mortgage. After reading the letter I realized that it was just scam junk mail. I called the number listed on the letter (800) 462-3118 to ask them to remove my name from their mailing list. The guy I spoke to said that he would do so but when I started to make a comment about their unacceptable use of the “Final Notice” term he just hung up on me. I called back again and spoke to the same guy stating that hanging up on people was very unprofessional and he just hung up on me again. What a rude, sneaky little coward! They realize that their practices are so vulgar and unethical that they are unwilling to even discuss them on the phone. These guys are a crown of scam artists, do not go near them.

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