What advertising rules apply to mortgage lenders?
Advertising by mortgage lenders is governed by both federal and state rules. The federal Truth in Lending Act dedicates an entire section to advertising consumer credit. The best place to read about all of the federal restrictions is in a document called “How to Advertise Consumer Credit & Lease Terms,” on the Federal Trade Commission’s Web site: http://www.ftc.gov/bcp/conline/pubs/buspubs/creditad.htm. The two most common violations of the Truth in Lending Act are advertising a note rate without the APR and using a trigger term, such as the amount of the down payment, without the required disclosures. Oregon also has several rules on advertising, governing everything from what ads can and cannot promise to what direct-mail pieces should look like. To read all of Oregon’s regulations, go to http://arcweb.sos.state.or.us/rules/OARS_400/OAR_441/441_870.html. The Oregon Association of Mortgage Professionals is another resource in this area. The OAMP’s Ethics Committee monitors advertising