Below first describes
a situation that would constitute “flipping” and why it is harmful to the
industry and to consumers and then list one monetary benefit that would qualify
as tangible net benefit.
Clay works for Big Apple
Mortgage and is always looking for ways to draw in more business for the
brokerage so he starts drumming up some ideas for a printed
advertisement. Clay comes up with the following advertisement:
BIG
APPLE MORTGAGE
Find
yourself a place to rest in the “City that Never Sleeps”!
Our
mortgage loan originators can help get any borrower get immediate approval!
LOW
RATES!
QUALITY
CUSTOMER SERVICE!
SUCCESS
TO THE CORE!!
Come
take a Bite!
Call
today!
1-800-BIG-BITE
Based on the advertisement
that Clay came up with and your knowledge of the of New York Law, identify at least 2-3 things that Clay did incorrectly?
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1. Clay cannot state "get immediate approval" without stating the approval terms
ReplyDelete2. Clay cannot state "Low rates" without stating the terms of the rates