interest rates: FTC MAP Rule Points in Only One Direction - 08/24/11 11:48 AM
 
 
New FTC Rule May Impact Brokerages

The Federal Trade Commission (“FTC”) has recently issued its Mortgage Acts and Practices - Advertising, or “MAP”, rule (“Rule”). The Rule imposes requirements on anyone that provides 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, and took effect on August 19, 2011.  The attached NAR Article provides a full overview of the Rule’s Requirements, the Application of Rule to Real Estate Professionals, a … (0 comments)