New Loan Advertisements we are Seeing

Some Ads just don’t meet the required disclosures?

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As a compliance attorney I take special note of advertisements I see in my day’s activities. I see some very thorough stuff and then some not so thorough advertisements. Sometimes there’s a total disregard of requirements. But will there be any push back on a bad ad? Will a regulator be informed of the non-compliance and deception of certain ads? (Not often).

This ad was shared with me by one of our readers. Fun times. Can you spot the various missing disclosures? (Hint – there are none, just call this number to get a loan?) My advice – don’t call these guys, why would you?

All Social Media accounts for licensed mortgage loan officers must also have the link to the NMLS consumer access website in the Profile for the loan officer (at least this is the case for loan officers licensed in Virginia.

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If you are a loan officer using social media to stay in touch with your current mortgage loan customers, you have likely been told by your employing licensed mortgage company that you have to list at a minimum your company’s NMLS ID# as well as your individual mortgage loan originator NMLS ID #. We are now hearing that one state, the State of Virginia, also requires that you list in your profile the NMLS Consumer Access website address: https://www.nmlsconsumeraccess.org/.

Not too hard to do right. You might as well add that today to meet this requirement. Even if you are not licensed in Virginia. It’s all about keeping your customers informed that you are a licensed mortgage loan originator.

Mortgage Loan Originators failed to clearly display NMLS unique identifier on social media platforms such as Facebook, LinkedIn, etc.

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The state of New Mexico Financial Institutions Division sent out a notice this week reminding licensees that the mortgage company and the licensed mortgage loan originators need to post their NMLS numbers in Facebook and the NMLS. This is not a new thing. And New Mexico’s expectations are not any different than any other state’s general requirements.

Be sure to double check that your consumers can locate in a clear and conspicuous area in the Social Media site both your company’s full company name. business address, toll free phone number and NMLS number. Also, on any page taht promotes content of a licensed Mortage Loan Originator, make sure you include all of the above plus the MLO’s individual NMLS ID number.

Think you have already done this? Why not double check your pages right now on the social media platforms you use. Stay ahead of the regulators criticism by following these simple tips.

Marketing with Realtors

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Co-Marketing With Real Estate Agents

If you are a loan officer that works with Real Estate Agents to help their clients obtain mortgage financing to purchase homes in your area, you likely have done some co-marketing with real estate agents.

The main example of co-marketing we see are flyers that market both the real estate agent and the loan officer / mortgage lender that offers to assist home buyers with their financing needs.

We also see Financing Available ads built into an Open House Flyer for a home with sample loan scenarios offered in the flyer.

So what rules do we need to be concerned with here? Rather than discuss all the rules, lets discuss the relevant questions that I would ask:

  1. How is this particular piece being distributed to consumers. Will it be a “take one” flyer available in a real estate office or open house? Or will this piece be emailed to consumers or posted to social media?
  2. Has all required NMLS licensing disclosures (for both the individual loan officer and his employing and state required advertising disclosures been added to the piece?
  3. Does the real estate agent list any required licensing disclosures next to the real estate agents name and the Real Estate Company’s name.
  4. Who is paying for the various costs involved with preparing, printing and distributing the flyer or other marketing piece to consumers? Is the cost shared in some way between the real estate agent and the loan officer/lender?

These questions should help in your analysis of the co-marketing piece you are considering doing with the real estate agent. Think about what rules are triggered here when you reviewing your co-marketing piece so you can be sure to address these rules and any apparent regulatory risk present in the co-marketing pieces on which you are working.