Written By: Leslie Petersen, MortgageCurrentcy.com Advisory Board Member & President, Mortgage Training Tools.
Yikes – there are 94 pages of whopping Reg Z revisions, and hardly anyone’s heard about them! And there’s just so much you NEED to know, I made it into a two-parter.
Part One: Following are new rules that regulate advertising, the very heart of the mortgage industry. These regs affect just about everything that you do to get business in the door; e-mail blasts included.
Part Two: Next month is everything else, which includes a new category of HOEPA called “High Priced Loans.” And don’t think you’re off the hook, because “high priced loans” will actually affect some of your prime loans. And there’s a lot more.
“The Feds” never cease to amaze me. This Rule was written an entire year ago to protect consumers from the rip-off brokers who are pretty much gone from the industry by now; and geeze, it sure messes up any simplicity you try to achieve in advertising.
And here’s a good one: How many of you call yourselves a “Mortgage Loan Counselor,” or some variation with “counselor” in it? I’m seriously thinking you better get yourselves new business cards pretty darned quick. As of 10-1-09, to be exact. I’ll clarify below.
I’m getting ahead of myself. Nothing’s effective until 10-1-09, and you will truly have enough time for implementation. So stay tuned for the September issue of MortgageCurrentcy. As for advertising regs, read on!
