That’s right…there is a new mortgage related advertising rule! Did you miss it? Based on the chatter I have been hearing, a lot of you have. For those of you who have no idea what I am talking about, here is what you need to know. Effective August 19, 2011, an FTC rule went into effect which prohibits misrepresentation in any advertisement relating to mortgage credit products and imposes record retention requirements.
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It has definitely been an up and down year here in America. We have seen the roller coaster ride of Congress coming to an agreement on the debt ceiling. The stock market has been wildly fluctuating up and down (mostly down). The NFL season was almost lost and we still don’t know if the NBA will have a season this year. While all of this was happening, one area that garnered a lot of attention in the financial world was debit interchange.
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I am headed East today to do a vendor management seminar. If there is one thing I cannot stress enough during the session, it is the NCUA’s scrutiny on indirect lending. Sometimes the NCUA gives us small clues about what is important to them in examinations. With indirect lending, they have given us much more than small clues, so don’t miss their obvious warning signs.
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