Written By: Karen Deis
I’ve seen about a dozen or so emails from loan originators, just within the last few weeks, who are using Mortgage/Loan/Financial Counselor as their “title”.
Unless you work for a non-profit agency, as it relates to what the feds call “dwelling-secured loans”, you cannot call yourself a “counselor” anymore. You had better get yourself some new business cards because it’s one of the 7 things prohibited with the updated Reg Z rules that went into effect on October 1, 2009.
Here are the new advertising rules that loan officers and real estate agents must now follow. Just take a look at the real estate section in your local magazines & newspapers. They are misleading the public—not a place you or your company want to be!
The following are prohibited practices in advertising for ALL dwelling-secured loans.
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