Staying Mortgage Advertising compliant in an ever changing landscape
Over 175,000 agents and their lending partners rely on Rateplug to keep them compliant when sharing property and lending information with their clients. Visit www.rateplug.com/compliance to learn more.
Mortgage industry regulation is nothing new. The Truth in lending Act (TILA) was implemented in 1969. The housing bubble that burst in 2008 and 2009 brought us the Dodd-Frank Consumer Protection Act of 2010, and created an enforcement vehicle in the form of the Consumer Financial Protection Bureau (CFPB)
How do originators manage advertising compliance today? With sometimes murky directions, poor communication, and fear of disciplinary actions around every blind curve? The solution lies in the ability to give a thorough review of any form of mortgage advertising to insure that each T is crossed, and each i is dotted. A simple, but sometimes overlooked aspect of mortgage advertising is the "record keeping" requirement. Every piece of mortgage advertising, regardless of how it is distributed (email/social media/paper) needs to be retrievable for a minimum of two years. This requirement affects not only the originator, but also the Agent or builder in a purchase transaction.
National Sales Director