OAR 441-870-0080: Advertising

(1) Advertising containing any of the following is false, misleading or deceptive: (a) A statement or representation of a specific installment amount in repayment of a loan without as least as prominently disclosing the following information about the loan: (A) Principal amount; (B) Annual percentage rate; (C) Whether the interest rate is fixed or variable, and if variable, the loan terms; (D) Number, amount and period of payments scheduled to the date of maturity; and (E) Balance due at maturity (balloon payment) if not fully amortized; (b) An interest rate without as least as prominently disclosing the annual percentage rate of the note; (c) A statement or representation that the person can make or negotiate “low doc/no doc,” “no income/no asset,” “alt doc,” “stated income,” “stated asset,” “no ratio,” or similar loan products without at least as prominently disclosing that these products may have a higher interest rate, more points, or more fees than other products that require income documentation; (d) An interest rate or annual percentage rate expressed in less than three decimal places, provided that ending zeros following the decimal point may be omitted; (e) An offer to procure, arrange, or otherwise assist a borrower to obtain a mortgage loan on terms which the person cannot, does not intend, or does not want to provide, or which the person knows or should know cannot be reasonably provided; (f) A statement or representation that all or most borrowers may or will qualify for a loan or that persons with bad credit histories or no credit histories may or will qualify for this loan unless the person can demonstrate that borrowers with bad credit or no credit have been routinely and successfully qualified for loans by that lender; (g) Any statement or representation that would be in violation of Regulation X, 12 C.F.R. Part 1024, regarding kickbacks and unearned fees, including soliciting referrals with a promise to pay the advertising costs of any settlement provider; (h) Any statement or representation that would be in violation of Regulation Z, 12 C.F.R. Part 1026, regarding advertising; (i) The phrase “wholesale rates” when the advertising is directed to or accessible by the public; (j) Any statement or representation about a loan that carries the potential for negative amortization without clearly identifying that potential and without at least as prominently disclosing: (A) The market or fully indexed rate; (B) The term of the reduced payments; (C) The term of the entire loan; and (D) The annual percentage rate; (k) Official looking emblems or logos, such as eagles, crests, or flags, which resemble a format similar to that used by any governmental agency; (l) Envelopes which resemble an official government mailing, from entities such as the Internal Revenue Service, U.S. Treasury, a state taxing authority, or other governmental mailer; (m) Slogans such as "Buy U.S. Savings Bonds" without at least as prominently disclosing that the mailing is an advertisement and not from a government agency; (n) The name or logo of a financial institution or the holder of an existing loan when the person responsible for the advertisement or named in the advertisement has no association, affiliation or cooperative agreement with the financial institution or holder of the loan, without at least as prominently disclosing that person’s name and the following statements: (A) “This is an advertisement”; (B) “This is an offer for a new loan”; and (C) “This offer is not related to your existing mortgage lender or holder of your loan”. (o) Terms such as “verified as eligible”, “preapproved”, “prequalified” or similar words or phrases, without at least as prominently disclosing language that describes prerequisites to qualify for the loan, including, but not limited to, income verification, credit check, and property appraisal or evaluation; (p) Solicitations from a particular mortgage loan originator or a group of mortgage loan originators without the unique identifier of each mortgage loan originator; (q) Advertisements pertaining to a particular mortgage loan originator or a group of mortgage loan originators without the unique identifier of each mortgage loan originator; (r) Promotional materials pertaining to a particular mortgage loan originator or a group of mortgage loan originators without the unique identifier of each mortgage loan originator; and (s) Websites if the website lists the mortgage loan originator’s name in relation to residential mortgage lending without the unique identifier of the particular mortgage loan originator. (2) All advertisements a mortgage banker or mortgage broker disseminates by any means must contain the mortgage banker or mortgage broker’s unique identifier or Oregon-issued license number, the mortgage banker or mortgage broker’s name, or the mortgage banker or mortgage broker’s assumed business name that conforms to a name on file with the director.