State Advertising Rules You Want to Know

State laws about mortgage advertising that you want to know about so you can avoid penalties and fines

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

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.

Georgia Mortgage Advertising Rules – watch out for tricky rules

We recently learned that Georgia has a special rule related to references to another lender’s name in your ads. In this case however, there was no mention of a prior lender, but instead the ad referred to the borrower’s current loan of $230,000 which is available from public records.

What was the violation?’

It turns out that if you reference the existing loan amount of the consumer, that is a trigger of specific disclosure rules where you must say the name of the prior lender and you must add a clear and conspicuous statement in the ad that your company is not affiliated with the existing lender.

Recommendation – don’t include the consumer’s current loan amount in your ads sent to Georgia customers – if you do so you will have to comply with the above requirements.