Altering
Loan Documentation
Please
review the situation below and then answer the following question in the
Comments Section.
Mary works for Dream Makers Finance. Mary 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 Mary comes up with the
advertisement the rate for a fixed rate mortgage is 3.64% . Mary 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 today!
1-800-DREAM IT
Based on the advertisement that Mary submitted and your
knowledge of the of New Jersey Mortgage Law, identify at least 3 prohibited
acts committed by Mary.
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After you complete this assignment, you may continue in the course.
www.mymortgagetrainer.com
1- she included a rate without the terms of it.
ReplyDelete2- she stated that there is immediate approval when that is never the case.
3- she stated that bad credit is not an issue.
She guaranteed a rate w/ out qualification
ReplyDeleteShe completely disregarded credit history
She guaranteed immediate approval (not pre approval)