FTC Issues New Rule Strengthening Consumer Protections Against Deceptive Mortgage Advertisements

The FTC Issues New Rule Strengthening Consumer Protections Against Deceptive Mortgage Advertisements

July 19, 2011

The Federal Trade Commission issued a new rule aimed at strengthening consumer protections against deceptive mortgage advertisements. This rule prohibits misleading claims in mortgage advertising and other commercial communications, aiming to ensure fair competition among businesses. Mandated by Congress in 2009, with subsequent steps including public comments and a proposed rule in 2010, the FTC finalized the rule largely unchanged after reviewing feedback that supported its objectives. The rule applies broadly to entities advertising mortgages but excludes certain financial institutions outside the FTC's jurisdiction. It specifies 19 examples of deceptive practices that are now prohibited, including false information about fees, mortgage terms, and refinancing opportunities.

For more information, see here:  https://www.ftc.gov/news-events/press-releases/2011/07/ftc-issues-new-rule-strengthening-consumer-protections-against

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