Đạo đứcCâu 311 / 400
Which of the following mortgage advertising claims is most likely to be a prohibited misrepresentation under Regulation N?
a.'Rates as low as 6.25% APR for qualified borrowers, subject to approval'
b.'Guaranteed lowest payment forever, no matter what'
c.'Contact us for current rates and terms'
d.'FHA and VA loans available'
Giải thích
Absolute guarantees like 'lowest payment forever, no matter what' misrepresent that terms cannot change and are prohibited under Regulation N. Properly qualified rate language, an invitation to inquire, and a truthful statement that certain loan types are offered are all permissible.
Trích dẫn luật: Mortgage Acts and Practices / Regulation NLuyện miễn phí toàn bộ 400 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- On a single transaction, a loan originator generally may receive compensation from:
- The Mortgage Acts and Practices Advertising Rule (Regulation N) primarily prohibits:
- An ad promotes a '2.99% mortgage' in large print, but that rate is available to almost no one and is not honored when consumers apply. This is a classic example of:
- Repeatedly refinancing a borrower's loan primarily to generate new fees, with little or no net benefit to the borrower, is a predatory practice known as:
- Which of the following is most characteristic of predatory lending?
- Under the Gramm-Leach-Bliley Act, a mortgage company's duty to protect customers' nonpublic personal information (NPI) primarily requires it to:
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