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FTC Warns on Deceptive Mortgage Ads

The FTC today warned lenders, brokers and even media outlets regarding a proliferation of what it called deceptive advertising that “may violate federal law.” From the press release:

“Many mortgage advertisers are making potentially deceptive claims about incredibly low rates and payments, without telling consumers the whole story – for example, that these low rates and payments apply for a short period only and can go up substantially after the loan’s introductory period,â€? said Lydia Parnes, Director of the FTC’s Bureau of Consumer Protection … In warning letters, the agency is advising more than 200 advertisers and media outlets that some mortgage ads are potentially deceptive or in violation of the Truth in Lending Act.

Here is the FTC’s letter to advertisers, and here is the FTC’s letter to publishers. The FTC did not specify in its letters or in its press statement any offending advertisers targeted by the regulator for potential action.

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Don’t miss the “Making Stats a Reality” panel at the Women of Influence Forum Oct. 3 HW+

“Nothing is more timely (in my opinion) than having an open, honest and frank conversation about supporting women who want to make a difference in a historically male-driven industry by bringing on industry-leading women to the leadership table,” said Hillary Saunders, chief broker officer and co-founder of Side, on this upcoming panel at HousingWire Annual.

3d rendering of a row of luxury townhouses along a street

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