Written By: Karen Deis
Did you know that once your client's mortgage has been recorded - once it's reported to the credit bureau - that your client is fair game for other mortgage companies to solicit them to refinance or offer a 2nd mortgage?
While your competitors would have to purchase lists from the credit bureau, the recorded mortgage is PUBLIC information and anyone (and we mean anyone) has access to it.
Unless you have taken the steps to have your clients complete and file an "Opt-Out" Credit Form (read the related article, "Keep Mortgage Companies from Contacting Your Past Clients with Credit Bureau Opt-Out Forms"), there is another way to protect your assets (your past clients are your assets in the mortgage business) by sending the following letter after you have closed the loan.
It's called the "Notice of Solicitations" letter. In a nutshell, the letter tells your client that you do not sell their information, that you maintain their privacy, and if contacted by another mortgage company, that they should call you for a second opinion. (See related article "Is Second Place Really the First Loser?").
As a subscriber, you can download the "Notice of Solicitations" letter free, add your contact information and print. Send to each of your clients after each closing.
Here's the sample letter:
