4. NAR - New FTC Rule May Impact Brokerages
August 18, 2011
The Federal Trade Commission ("FTC") has recently issued its Mortgage Acts and Practices - Advertising, or "MAP", rule ("Rule"). The Rule imposes requirements on those that provide information about mortgage credit products to consumers by prohibiting misrepresentations during these communications and also imposing recordkeeping requirements. The Rule will impact real estate professionals that provide this information to consumers, such as giving a consumer a lender's rate sheet. The Rule takes effect on August 19, 2011.
Application of Rule to Real Estate Professionals
The Rule will apply when a real estate professional provides information about a specific mortgage product to a consumer. Read more . . . .