A mortgage company's billboard shows 'Get your dream home with our 30-year fixed loans!' This advertisement:
Correct Answer
B) Is compliant without additional disclosures
Under TILA Section 226.24, this advertisement contains only general promotional language without specific trigger terms (rates, payments, loan amounts, or down payments), so no additional disclosures are required.
Why This Is the Correct Answer
Under TILA Section 226.24, this advertisement contains only general promotional language without specific trigger terms (rates, payments, loan amounts, or down payments), so no additional disclosures are required.
More Federal Laws Questions
A mortgage broker's website states 'Qualified borrowers can get loans with down payments as low as 3%.' Which statement about TILA advertising requirements is correct?
A loan's APR increases from 4.25% on the Loan Estimate to 4.35% on the Closing Disclosure due to a rate lock expiration. What action is required?
A lender originates a mortgage that meets all QM requirements. Three years later, the borrower defaults and claims the lender violated the ATR rule. What legal protection does the lender have?
For a closed-end mortgage loan, when must the creditor provide the Closing Disclosure to the borrower?
Which of the following documents must be provided to trigger the start of the 3-day rescission period?
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