Mortgage Acts and Practices — Advertising Final Rule (MAP Rule)

The Mortgage Acts and Practices — Advertising Final Rule (the MAP Rule) gives the FTC and state authorities the ability to seek civil penalties for deceptive mortgage advertising, and clarifies and provides examples of what constitutes deceptive mortgage advertising. In addition, it institutes record-keeping requirements on mortgage advertisers.

Anyone subject to the rule (which includes everyone involved in mortgage advertising with the exception of banks and other financial institutions that have been specifically exempted from FTC oversight) must maintain records of specific forms of communication. This includes things like sales scripts, training materials, marketing materials and commercial communications regarding any term of any mortgage credit product, as well as documents that describe or evidence mortgage credit products and all additional products or services that may be offered in conjunction with the products.

These types of documentation must be maintained for 24 months. Failure to retain these records may constitute a violation of the MAP Rule.

Who the MAP Rule applies to expands further out than just the mortgage industry. All entities within the FTC’s jurisdiction that advertise mortgages, including mortgage lenders, brokers, and servicers; real estate agents and brokers; advertising agencies; home builders; lead generators; rate aggregators; and others.

Smarsh, Inc. assumes no liability for the accuracy or completeness of this information. Please consult with an attorney for specific information on specific rules and regulations and how they apply to your business.

Helpful Links:
A breakdown of the Mortgage Acts and Practices — Advertising Rules (MAP) from the Pennsylvania Association of Realtors

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