The following terms should not be used in marketing collateral without Marketing pre-approval: free, no cost, best rates available, fastest, faster than, improve/repair your credit, easy, EZ, fixed or stable (in the context of an adjustable-rate mortgage), guaranteed approval, and guaranteed to close in X days.
• The term “best” should not be used in regard to rates or programs, instead say “great.”
• The term “lowest” should not be used in regard to rates and payments; you can use the term “low.”
• “No Money Down” cannot be used unless you disclose the entire loan scenario. The disclosure must be legible to the consumer.
• Mortgage “bank” may not be used, use lender instead.
• Avoid discussing tax advantages. Refer clients tax professionals instead.
• Credit Repair may not be advertised, use credit guidance instead.
• “Close on Time” may not be used, use “timely closings” instead.
• “Bad credit no problem” or other similar phrases may not be used.
• Do not use the term “counselor” when referring to Summit, employees, or originators.
• Summit Funding having the “best rate(s),” or other similar language