New Mortgage Ad Rules Set For Texas
Effective June 1, mortgage advertising in this state will have to abide by new rules from the Texas Savings and Loan Department, which oversees 30,000 mortgage brokers and loan officers in the state. Although the department does not regulate credit unions, the rules will apply to those CUSO's that are required to be licensed as mortgage brokers. The Texas league said that under the new rules, mortgage brokers will no longer be able to send out fliers or create advertisements in publications or on the Internet with teaser interest rates that do not disclose the full costs of the loan or that do not include the full identity of the broker. Mortgage ads will also have to include the APR in the same size and font as any other rates, as well as an explanation of how it is calculated and a full description of the product including the effective date and the end date.