ARM advertisement

Posted By: low profile

ARM advertisement - 02/09/12 05:19 PM

Our bank is contemplating offering a mortgage with a 30 year term which will adjust once at the beginning of the 16th year. To promote this product our ad will refer to the "30/15 Mortgage." This verbage is exact and no other description of this mortgage product will be indicated.

What advertising disclosure requirements would I need to provide?
Posted By: rlcarey

Re: ARM advertisement - 02/09/12 05:55 PM

""30/15 Mortgage." This verbage is exact"

Exact? It means nothing to me.
Posted By: low profile

Re: ARM advertisement - 02/09/12 06:42 PM

Good. I was concerned it would be a trigger term since the term is 30 years.
Posted By: Richard Insley

Re: ARM advertisement - 02/09/12 06:43 PM

If you indicate a 30 year term, that's a trigger.
Posted By: rlcarey

Re: ARM advertisement - 02/09/12 06:57 PM

Good? It represents the term of the loan and triggers additional disclosures. I meant that 30/15 means nothing to me regarding the type of product this might be. Unclear = read UDAAP.