There is no shotage of laws and regulations that mortgage, real estate and related professionals must follow. However, some rules may not be so obvious.
For example, did you know it's possible that your business card is breaking the law?
A business card is considered by federal mortgage law to be a form of advertising. As such there are rules that must be followed to stay compliant.
1. Your name on your business card must match EXACTLY as how it is listed on your license. For example, my nortgage license says Randall Mitchelson but most people know me by Randy which is on my business card.
Note: There is a field in the licensing system that allows me to list "Randy" as another name I go by so that I am compliant with the regulation.
2. Mortgage professionals must list the NMLS number on their business card and other marketing materials inclusing social media pages, ActiveRain profile page, email signature and more.
3. Those of you who manage other licensed mortage or real estate professionals must inspect their social media pages, and other print or digital marketing they are doing to promote themselves and ensure they are compliant. Don't assume they are doing things right - you're butt is on the line too!
4. Mortgage professionals should include the Equal Housing Opportunity logo on their social media pages.
5. If someone tags you in a Facebook post that is considered a form of marketing in the eyes of the regulators. You can adjust the privacy settings in your Facebook profile to have to approve anytime somone tags you so you can keep control over how your name is being used.
Remember, when it comes to the regulators, it's not a matter of "if" they will check on you, it's a matter of when.
Comments(4)