Click to return to BOL home page



August 6
Part I
Flood Insurance: Requirements and Best Practices
A Two-Part Companion Webinar Series;
David Dickinson and Jerod Moyer

August 12
A to Z of Reg E;
Andy Zavoina

August 13
Part II
Flood Insurance: Requirements and Best Practices
A Two-Part Companion Webinar Series;
David Dickinson and Jerod Moyer

August 14
Advanced Business Accounts - Complicated Issues and Simple Solutions;
Deborah Crawford

August 19
HMDA - Coming Attractions;
Jack Holzknecht

August 20
Safe Deposit Regulatory Compliance & Legal Issues;
Dave McGuinn



Topic Options
#1662728 - 02/09/12 12:19 PM ARM advertisement
low profile Online
100 Club

Registered: 06/11/02
Posts: 204
Loc: Pennsylvania
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?
_________________________
Living is easy with eyes closed, misunderstanding all you see.

Top
Marketing
#1662752 - 02/09/12 12:55 PM Re: ARM advertisement [Re: low profile]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 49449
Loc: Galveston, TX
""30/15 Mortgage." This verbage is exact"

Exact? It means nothing to me.
_________________________
The opinions expressed are my own, take them or leave them.

Top
#1662855 - 02/09/12 01:42 PM Re: ARM advertisement [Re: rlcarey]
low profile Online
100 Club

Registered: 06/11/02
Posts: 204
Loc: Pennsylvania
Good. I was concerned it would be a trigger term since the term is 30 years.
_________________________
Living is easy with eyes closed, misunderstanding all you see.

Top
#1662857 - 02/09/12 01:43 PM Re: ARM advertisement [Re: low profile]
Richard Insley Online
Power Poster

Registered: 10/26/00
Posts: 7482
Loc: Richmond, VA
If you indicate a 30 year term, that's a trigger.
_________________________
...gone fishing.

Top
#1662860 - 02/09/12 01:57 PM Re: ARM advertisement [Re: low profile]
rlcarey Offline
10K Club

Registered: 07/16/01
Posts: 49449
Loc: Galveston, TX
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.
_________________________
The opinions expressed are my own, take them or leave them.

Top


Moderator:  Andy Z, Rick Wemmers