Print Ad - Mortgage Lending Compliance

Question:

One of our mortgage lenders would like to place an ad in the classified portion of the local newspaper. The ad reads: Have you filed bankruptcy or had your home foreclosed on in the past two years? Call [name] to get your credit checked. You may be eligible to purchase a home. Numerous programs available to be a homeowner again. Then she lists her name and cell phone. The bank is not mentioned. Does it need to be? Would this ad be considered compliant? What would make it compliant? Is this a bad idea?

Answer:

You must have the Equal Housing Lender logo in this ad.Why would the bank not want their name mentioned? The lending officer works for the bank; she's not self employed. I'm not aware of any requirement to list the bank's name, but I would think management would not agree to leave it out, otherwise, the ad is compliant.

First published on BankersOnline.com 9/21/09