During what hours may mortgage loan originators make telemarketing calls to consumers?
Correct Answer
B) 8:00 AM to 9:00 PM in the consumer's time zone
The Telemarketing Sales Rule prohibits telemarketing calls before 8:00 AM or after 9:00 PM in the consumer's time zone, not the caller's time zone.
Why This Is the Correct Answer
The Telemarketing Sales Rule prohibits telemarketing calls before 8:00 AM or after 9:00 PM in the consumer's time zone, not the caller's time zone.
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Previous Question
A consumer completed a mortgage application with an MLO 15 months ago but did not proceed with the loan. The consumer's number is on the National Do-Not-Call Registry. Can the MLO call this consumer about a new loan product?
Next Question
An MLO discovers that their company's loan processing system automatically generates higher rate quotes for borrowers in certain ZIP codes, even when those borrowers have identical credit profiles to borrowers in other areas. The MLO is concerned about fair lending implications but is told by management that the system uses 'proprietary risk algorithms.' What is the MLO's best course of action under UDAAP principles?