topic Re: Mortgage Protection Center, SCAM in Mortgage Loans

Mortgage Protection Center, SCAM

Sloedough — Mon, 11 Jun 2018 15:42:47 GMT

I recently refinanced my home. Everything went great, lower payments and I dropped my PMI.

Well shortly after I closed, I started getting 2-5 letters a week from Mortgage Protection Center, trying to trick me into getting their mortgage protection insurance.

These letters suck, because they look official and from your original lender. Thankfully my lender does this online and calls me when they need something. And then the mortgage was sold to a servicer, which they don't state.

Has anyone here sucessfully got these guys to stop? The refinance was awesome, but the unsolisited mail is a nightmare.

Re: Mortgage Protection Center, SCAM

pipeguy — Mon, 11 Jun 2018 16:26:32 GMT

@Sloedough wrote:
I recently refinanced my home. Everything went great, lower payments and I dropped my PMI.

Well shortly after I closed, I started getting 2-5 letters a week from Mortgage Protection Center, trying to trick me into getting their mortgage protection insurance.

These letters suck, because they look official and from your original lender. Thankfully my lender does this online and calls me when they need something. And then the mortgage was sold to a servicer, which they don't state.

Has anyone here sucessfully got these guys to stop? The refinance was awesome, but the unsolisited mail is a nightmare.

Slightly off point, but you mentioned it, almost all mortgages are bundled into bonds and managed by a mortgage "servicer".

Included in the documentation you were given at closing is a Mortgage Servicing Disclosure Statement, which is required by federal law Title 12 of the U.S. Code, Section 2605. The disclosure includes a statement if the lender intends to service the loan or transfer it elsewhere. This is a common practice, especially by government-insured financial instruments on the secondary market.

The primary purpose of structuring loans into bonds as investment instruments are to provide leverage and liquidity for originating lenders to allow greater access for the availability of consumer loans. This process is known as securitization which is not just used for mortgage loans, but also for vehicle financing and credit card debt.

Mortgage serving is highly regulated by federal statutes, including recently updated rules published by the Consumer Financial Protection Bureau (CFPB). Very few mortgage originators actually service the loans they approve, with the exception being some credit unions and small rural local banks.

Re: Mortgage Protection Center, SCAM

NC_Mtg_Loaner — Mon, 11 Jun 2018 16:46:45 GMT

These companies regularly search the register of deeds office and any newly recorded deed is likely to trigger this type of mailing from them.

You are not alone, but you can disregard them for the most part.

A typical life insurance policy would do the same for you if not more, but check with your financial advisor.

Re: Mortgage Protection Center, SCAM

Sloedough — Tue, 12 Jun 2018 11:55:27 GMT

Pipeguy: Thanks for the info about servicers. I am aware of this. The scammers are using the company I used to refinance, they are calling them my lender. They look like they are acting on their behalf. It is funny because my mortgage has already moved on. Sorry for not being clear on this.

NC_Mtg_Loaner: Thanks. I have been reading about how they search public records. I feel that using public records soley to market/scam people should be illegal. I do have life insurance, always have. Yes they cover all my debt.

I absolutely hate spam. I do understand why it exists, and I do not allow my info to be shared. I keep my phone numbers on the do not call list. I also have my emails and address on the DMAs do not solisit list. So I am pissed that a crappy company like this can solisit me using public records.

I started yesterday, I am returning every letter they send me. Maybe they will remove me from their lists.