August 8: State-level lending changes – who can keep track? I have to keep LO web ads for how long?
Watching loan officer ads is a full-time job. The Mortgage Bankers Association of the Carolinas wrote up this compliance tidbit: “Are lenders required to retain web page advertisements?” Yes. The Mortgage Acts and Practices Rule requires lenders to retain commercial communications, including web pages, for a period of 24 months from the date a person makes…