3933732
Mind Map by andrea.browne, updated more than 1 year ago
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Created by andrea.browne
about 5 years ago
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0
Description
MAP Rule/ Reg N
1 Mortgage Acts and Practices Rule
1.1 Prohibits the mirsrepresentaion of terms related to "mortgage credit products"
2 19 common mortgage adcertising misrepresentations
2.1 MIsrepresentations of interest charged for a mortgage product
2.1.1 Misrepresentations fo APR, simple annual rate, period rate, or any
other rate, including payment rat
2.1.1.1 Misrepresentations about prepayment penalties
2.1.1.1.1 Misleading terms concerning the cariability of interest, payments, or other terms
2.1.1.1.1.1 Misleading claims of the type of mortgage credit porduct is offered
2.1.1.1.1.1.1 Misrepresentations of the potential for default
2.1.1.1.1.1.1.1 Misrepresentations fo the right to reside in the subject dwelling
2.1.1.1.1.1.1.1.1 Misrepresentations about the existence, nature or amount of fees or costs
associated with any mortgage credit product
2.1.1.1.1.1.1.1.1.1 Misrepresentations about taxes or insurance associated with a mortgage credit product
2.1.1.1.1.1.1.1.1.1.1 Misrepresentation about the consumer's ability to obtain any mortgage product or term
2.1.1.1.1.1.1.1.1.1.1.1 Misrepresentations of the consumer's ability to refinance or modify and mortgage product
2.2 Misleading comparison between rates or payments
2.2.1 false claims of the amount of the obligation, or regarding the existence, nature, or amount
of cash or credit the consumer would receive from the loan
2.2.1.1 misleading claims concerning the existence, number, amount, or timing of any minimum or required payments
2.2.1.1.1 Misleading claims about the effectiveness of a product in helping consumers resolve problems paying debts
2.2.1.1.1.1 False claims about the terms associated with additional products or features sold along with the mortgage credit product
2.2.1.1.1.1.1 misrepresenting the association between the mortgage credit product or provider and any other person or program
2.2.1.1.1.1.1.1 False claims of the source of commercial communications
2.2.1.1.1.1.1.1.1 Misrepresentation of the availability, nature, or substance of counseling services or any other expert advice offered to the consumer