I am in no way fluent in lending compliance, as I handle deposit compliance. However, I also review marketing and advertising for compliance. We currently offer our customers the ability to receive emails with mortgage rates. It is a program called Rate Watch and it is available thru our mortgage center on our website, where we also accept online applications. In receiving one of these emails, I'm wondering if all of the information that should be provided is being provided. Below is what I received:

This is your mortgage rate update from XXXXXXXX Bank. These interest rates are accurate as of January 14, 2020.

30 Year Fixed Rate

• 3.75% with 0.0 points and $0.00 rebate

20 Year Fixed Rate

• 3.625% with 0.0 points and $0.00 rebate

15 Year Fixed Rate

• 3.25% with 0.0 points and $0.00 rebate

10 Year Fixed Rate

• 3.25% with 0.0 points and $0.00 rebate

These interest rate quotes are based on information you provided. You indicated that the purpose of your loan is to refinance existing loan balance. The loan amount you desire is $125,000 and the estimated value of the property is $180,000. The property is located in the County of XXXXX, State of XXXXXX. The property is existing single family home and you use it as primary residence. An escrow (impound) account is required. The rate we will provide will be for a 90 Day Rate Lock Period.

Interest rates can change at any time, and cannot be guaranteed until you complete our online application and your application is approved.
Visit (our mortgage website) to view complete rate and fee options and to lock in a great rate!

XXXXXXXX Bank
(mortgage website)
888-XXX-XXXX
mortgages@BANK.com

If you no longer wish to receive any Rate Watch e-mails, please click here to unsubscribe to our Rate Watch service.

Wouldn't this be considered an advertisement? And if so, since the payment period is listed, wouldn't that be a triggering term and require the additional terms listed in 1026.24 (d)(2) to be listed also?

Sorry for such a long post....I just want to make sure I am understanding everything correctly.

Thanks.

You need to go to the definition of an advertisement: https://www.bankersonline.com/regulations/12-1026-002#2a2

There are examples in the commentary on what is and what is not an ad.

The only possible out that I see is if it meets this:

A. Direct personal contacts, such as follow-up letters, cost estimates for individual consumers, or oral or written communication relating to the negotiation of a specific transaction.

You are going to have to determine what a consumer does to get this mailing.