How are you staying mortgage advertising compliant?
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 stay mortgage advertising compliant 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.
RatePlug Compliance Overview:
RatePlug compliance information – The ever changing regulatory environment within the real estate industry has dramatically altered the way real estate and mortgage professionals evaluate new products and technologies. RatePlug continues to grow our market footprint across the Country, supporting over 600,000 agents in over 50 of the largest MLS organizations. Our list of participating banks, credit unions and lending companies now exceeds 800 entities. Each of these lending companies has evaluated and approved the RatePlug Program as compliant. In addition, RatePlug has enlisted the services of K&L Gates, the leading compliance experts in the Country to validate our Program’s adherence to all regulatory guidelines.
Ongoing diligence – RatePlug is Mortgage Advertising Compliant:
To ensure RatePlug compliance, RatePlug’s legal advisors and vast network of national lenders ensures that we are aware of the latest regulatory rulings, and our team works diligently with these entities to adjust our RatePlug Compliance Program to seamlessly implement any changes that would impact our subscribers.