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Sign into your accountHow the FTC MAP Ruling Impacts You
August 26 2012
Guest contributor RatePlug says:
In August of 2011, the Federal Trade Commission passed new regulations, referred to as "MAP," that directly affect the real estate industry. What exactly does MAP stand for? More Annoying Paperwork? Sounds like a bowl of alphabet soup! Our government has a way of using acronyms for just about everything, which really gives the public no clue as to what really is being passed.
The Mortgage Acts and Practices (MAP) regulations were enacted to regulate unfair or deceptive advertising of mortgage products by anyone involved in a real estate transaction. This includes builders, mortgage brokers, lenders, and real estate professionals like you!
Ask yourself the following four questions to see how the MAP ruling impacts your day-to-day business practices:
- Do you provide your clients ANY mortgage related information (flyers, rate information, etc.) to assist them in the buying process?
- Does your marketing collateral or website have any misleading mortgage tools or statements?
- Do you provide a relationship disclosure on ALL mortgage related advertising?
- Do you maintain archived records for two years on all mortgage information provided to your clients? Are those records retrievable by date, agents involved, and property address?