https://edis.ifas.ufl.edu/publication/IN651
"Mulch increases the ability of termites to survive where they are already established by keeping the soil moist and temperatures moderate. Mulch laid too thickly (>4–6 inches) can also provide a "bridge" over the treated perimeter of a house, allowing termites to walk over from landscape to house and avoid contact with soil treated with termiticides.
"Mulch is useful in keeping mud from splashing up against a house. If mulch is part of your landscape, we recommend a thin layer (<2 inches) of mulch be placed within 12 inches of the foundation to allow the soil beneath to naturally dry. Desiccation is the termites worst enemy. Also avoid watering next to foundation walls."