Beware of UDAP and UDAAP in Your Mortgage Ads
There’s been a lot of enforcement on UDAAP lately in mortgage ads so what do we need to watch out for?
Some tips to be aware of:
- When reviewing your ads, make sure the that the advertisement materials are accurate and easy to read.
- Don’t use terms like “pre-approved” or “guaranteed” if in fact the recipient has not been preapproved or is not guaranteed to receive a loan from you.
- Make sure your train your employees about UDAAP avoidance
- Use scripts or call guides in your sales process to protect against UDAAP processes
- Be careful about using small print or footnote disclosures to clarify what you mean in your advertised offer.
- Avoid anything confusing or unclear in your headlines and your marketing message in your advertisements
See our UDAAP Article for More of these rules