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#1614547 - 10/11/11 09:25 PM Radio Ad for Mortgage Loans
RR Sarah Online
Diamond Poster
RR Sarah
Joined: Mar 2004
Posts: 2,484
Up North
Since rates are so low right now my bank wants to put an ad out there that basically says, "Hey, rates are low! Come on in and talk to us!". I don't have a problem with that but they also want to add, "Why pay for 30 years when you can be mortgage free in 15!". I think the second statement triggers additional disclosures. Am I right in thinking that? I've read 226.24 and the OSC and I think that is how I'm reading it.
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#1614557 - 10/11/11 09:32 PM Re: Radio Ad for Mortgage Loans RR Sarah
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,036
Toano, VA
I think you're right. If the ad said "Why pay for 30 years when you can be mortgage free much sooner!" you wouldn't need additional TIL disclosures.
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#1614702 - 10/12/11 03:00 PM Re: Radio Ad for Mortgage Loans Richard Insley
RR Sarah Online
Diamond Poster
RR Sarah
Joined: Mar 2004
Posts: 2,484
Up North
Thanks Richard! I think I need to have them reword those ads today.
_________________________
Sometimes you have to burn a few bridges to keep the crazies from following you.

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