On July 19, the Federal Trade Commission issued new rules regarding the advertising of mortgage loans.

The new rule specifically bans deceptive advertising of residential mortgage products and included a list of 19 types of misrepresentations that could violate the new law.

The new law will go into effect on August 19 and will apply to all mortgage lenders, including:

• Non-bank lenders
• Mortgage brokers
• Servicers
• Mortgage lead generators

The FTC will work with the Consumer Finance Protection Bureau and state regulators to enforce the rule.

For more information, please visit the FTC’s website and review their press release regarding the new rule:

www.ftc.gov/opa/2011/07/mortgageads.shtm

Tags: Advertise Mortgage, CFPB, Consumer Finance Protection Bureau, federal trade commission, ftc, Misrepresentations in Mortgage Advertising, Mortgage Advertising