Please review the following information and answer the following questions in the comments section below.
Jessica has been
licensed for about 2 years. When she applied for her license she used her
maiden name of Standall. Jessica
recently got married and changed her name to Foley, however her license still
reflects Standall. Jessica works for Dream Makers Finance and is always looking for
ways to draw in more business so she starts drumming up some ideas for a
printed advertisement, focusing on trying to draw people in by focusing on
rates. At the time Jessica comes up with the advertisement the rate for a
fixed rate mortgage is 3.64% . Jessica comes up with the following
advertisement:
DREAM MAKERS LENDING
We will find the home for you that you have
only imagined in your dreams!
Our mortgage loan originators can help get any
borrower get “Immediate Approval!”
FIXED RATES AT 3.5%!
QUALITY CUSTOMER SERVICE!
BAD CREDIT IS A NON-ISSUE!
DREAMY SUCCESS!!
So quit day dreaming about the house you want,
and let us make those dreams a reality!
Call Jessica Foley today!
1-800-DREAM IT
Based on the
advertisement that Jessica submitted and your knowledge of the of DC Mortgage
Law, did Jessica do anything wrong?
Jessica’s advertisement is a false advertisement and goes against advertising regulation in the District of Columbia. She cannot guarantee all of this information in her ad. He ad contains false and misleading information/statements. In the ad you aren’t supposed to identify the mortgage lender, mortgage broker, mortgage loan officer, mortgage loan originator by any name other than the name that is listed on the license issued by the Superintendent. Jessica is promising rates at 3.50% but the market is currently 3.64% and rates change constantly. An MLO cannot promise a mortgage rate because every borrower will not be awarded the same rates. She is using her married name which is not on her license.
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