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This is Why You Have to Watch Your Advertising!

By June 18, 2015January 16th, 2016Regulations, UDAAP-FTC

A friend of mine, Karen Deis who owns the Mortgage Currentcy (if you are not subscribed to this you should be) sent over a “snipet” of what one mortgage company offered on their site. 

If the following doesn’t frighten you enough to take a look at your marketing, I don’t know what will! And for all things sacred……teach your staff to at least use spell check 🙂 

From a lender’s website: 

“If you help us to originate high quality loans, we help you to save money. We encorage borrowers sending us the loan application package before rate lock. We can have more time to review the loan before lock the rate. That way can help the loan officer to lock the loan in an appropreate lender. Preventing loans be denied due to loans send to a wrong lender and increasing approval, closing rate. And electronic documents can help our loan officers and processors save time and save paper. 

(They give a $100 on the HUD if they get their paperwork there on time).” 

Note: A credit to the consumer for getting their paperwork in on time is not a violation provided it is a real credit. It’s the messaging and the way it is written that makes the lender seem unprofessional. 

Tammy Butler, Master CMB

Author Tammy Butler, Master CMB

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Join the discussion 2 Comments

  • Owen Taylor says:

    Funny TRID Picture. Enjoy.

  • William Deligiannis says:

    This more than unprofessional, it is a potential reg b violation. Reviewing the loan prior to lock rate gives the appearance that an underwriting decision is being made by the loan originator. And unless the LO has the ability and authority to underwrite, this ad is almost an indicator the lender is prescreening.

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