Have you recently purchased a home and now feel inundated with mail? You're not alone.
While most of that mail is likely special offers from local companies welcoming you to the neighborhood and new bill set up information, some of the mail you may be receiving could mislead you into thinking you're purchasing products from your financial institution. Read on for more information.
The story:
While checking your mail, you see that you’ve received an envelope that looks like an important document from your financial institution with a request for a response. When you open it, you find information on mortgage insurance and benefits available, along with a form for you to complete and send back. The letter may use intimidating phrases like “second notice” and "time sensitive" or point out a lack of enrollment in an important service. It isn’t until you get to the fine print that you realize the offer isn’t affiliated with your financial institution.
What’s going on:
Before panicking and worrying that your information has been sold or compromised, there’s some important information for you to be aware of.
When you closed on your home, that information became a public record that can be requested for review; this is standard for any home closing. Included in that public record is the lender and the amount of your loan – which is the same information used on the letter(s) you may have received. These insurance companies continually review these records to find people who have recently closed on their home. They then proceed to send out letters, like the one you received, which may appear at first glance to be from your financial institution and offer insurance benefits.
This tactic can be quite misleading and can be frustrating for both you and the financial institution you’re working with, as the insurance company is using the institutions’ name as a way to guide you into purchasing their product. Because that information is under public record, there is very little we can do to prevent you from receiving these offers. However, there are still some ways to be cautious and avoid signing up for an offer you didn’t want to.
What to do about it:
If you are receiving this type of mail, don’t worry – your information is still safe with your financial institution. Review these offers and be sure to read the fine print – the companies are required to disclose that they are not affiliated with the financial institution.
If you do have any questions about the authenticity of a letter or offer from Wasatch Peaks, please feel free to contact us! You can contact your mortgage office directly, visit your local Wasatch Peaks branch, or give us a call at 801-627-8700.
