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#21340 - 06/20/02 02:38 PM Mortgage Advertisement
P*Q Offline

Power Poster
Joined: May 2001
Posts: 8,458
Does anyone know what requirements there are when doing a radio mortgage ad? I know the requirements can't be as strict as when in print. Or where can I find such information (which part of Reg Z)? Thanks!!

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Lending Compliance
#21341 - 06/20/02 03:08 PM Re: Mortgage Advertisement
PatriciaC Offline
100 Club
Joined: Oct 2001
Posts: 192
Lewisville, Texas, US
Pam - Reg. Z, 12 CFR 226.24, does not address any differences between print and oral ads. So, full compliance would be required if it states any of the "triggering" terms. You would also be required to do the Fair Housing tagline of either "Equal Housing Lender" or "Equal Opportunity Lender" depending on which of the federal regulators your bank calls "Boss."
Patricia Cashman,CRCM
Cashman Compliance Solutions, LLC
This is NOT legal advice

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#21342 - 06/20/02 03:12 PM Re: Mortgage Advertisement
Andy_Z Offline
10K Club
Joined: Oct 2000
Posts: 27,763
On the Net
Who says they can't be as strict? 226.24 for advertising closed end products.

TILA is not as forgiving or understanding on these issues as TISA may be.
My opinions are not necessarily my employers.
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#21343 - 06/20/02 04:23 PM Re: Mortgage Advertisement
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,191
Toano, VA
In addition to the disclosures that must follow a trigger term, don't forget that you can't quote simple rates without also quoting the APR.
...gone fishing.

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