What is permitted and what is not permitted for advertising first and second mortgages? Is there a diffreence?
What type of advertising is permitted for first mortgages vs second mortgages?
There is no difference. They can advertise however they want. What is controlled is not the advertising, but rather the disclosuers that must be made by the various parties involved in selling a home.
RESPA is about closing costs and settlement procedures. RESPA requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that increase the cost of settlement services. RESPA is a HUD consumer protection statute designed to help homebuyers be better shoppers in the home buying process, and is enforced by HUD.
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