Please review the
situation below and then answer the following question in the Comments Section.
Mary works for Dream
Makers Finance. Mary is always looking for ways to draw in more business
so she starts drumming up some ideas for a printed advertisement, focusing on
trying to draw people in by focusing on rates. At the time Mary comes up
with the advertisement the rate for a fixed rate mortgage is 3.64% . Mary
comes up with the following advertisement:
DREAM MAKERS LENDING
We will find the home for you that you have
only imagined in your dreams!
Our mortgage loan originators can help get any
of our government-sponsored loans”
FIXED RATES AT 3.5%!
QUALITY CUSTOMER SERVICE!
BAD CREDIT IS A NON-ISSUE!
DREAMY SUCCESS!!
So quit day dreaming about the house you want,
and let us make those dreams a reality!
Call today!
1-800-DREAM IT
Based on the
advertisement that Mary submitted and your knowledge of the of Washington
Mortgage Law, please list at least 2 violations that Mary committed.
After you complete this assignment, you may continue in the course.
www.mymortgagetrainer.com
Mary is advertising an interest rate that is lower than the current rate at that time. Mary is not stating the APR in the same or larger type size.
ReplyDelete1) Listing an APR below market rates
ReplyDelete2) Promoting promises for ancillary services like "making dreams come true" is not allowed
1. Mary is advertising for an interest rate which is lower than what the current rate was at the time.
ReplyDelete2. Mary is also saying things like bad credit doesn’t matter which is very misleading.