Mortgage advertising comes with rules. But you probably already knew that. Publishers of social media channels know it, too, and their policies ensure you follow those rules. While these strict policies may be frustrating at first, they really are just another way to ensure mortgage compliance for your business.
Keep reading for a discussion of the most visible rules you’ll follow in your mortgage marketing ads and how social media platforms help to enforce them.
Can interest rates be used in mortgage advertising?
Interest rates can be listed in mortgage advertising, but there are a few mortgage compliance rules to remember. First, the rate must be the actual rate your mortgage company is offering. For social media advertising, this means you will need to be prepared to pull or edit an ad quickly if rates shoot up and you can no longer offer the listed rate.
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Second, you must show the annual percentage rate (APR). The simple annual rate or periodic rate paid on an unpaid balance and the APR should be of the same text size and equally conspicuous. Required disclosures must also be conspicuous. Federal mortgage rules specify that internet ads cannot obscure required disclosures through “graphical displays, shading, coloration, or other devices.”
How do social media companies address mortgage compliance for interest rates in ads?
In a review of social media platforms commonly used by mortgage companies, we found that most do not refer to specific mortgage advertising rules. Instead, they commonly say that advertisements must meet all national, state and local regulations.
Pinterest uses the same general language then cites the following example, which would likely apply to interpretations across all platforms:
“Ads for consumer loans, for example, must disclose things like the APR, repayment period, fees and costs, penalties, and information about the lending institution.”
Social media channels help LOs meet fair housing requirements through audience selection.
In addition to looking at the rules and regulations surrounding fair housing, the social platforms also help advertisers stay in mortgage compliance when selecting their target audiences.
For mortgage advertising, Facebook requires the use of Special Ad Audiences based on similarities in online behavior and activity rather than on categories like age, gender, ZIP code or other similar descriptors. Facebook encourages broad rather than narrowly targeted audiences for mortgage advertising so that ad buys are seen as inclusive rather than discriminatory. It’s also important that ads not contain language that “implies or asserts personal attributes.”
Your Mortgage CRM can help with social media advertising.
In addition to providing on-target messaging and images that you can use to build your mortgage advertising program, Surefire has approval systems that help ensure all loan officers are staying within mortgage compliance guidelines.
And while Surefire is known industry-wide for its award-winning content, that’s not the only way to enlist your mortgage CRM’s help in social media ads. You also can use your CRM to search your contacts and build an audience for your ads. Identify a group – like borrowers who closed more than six months ago and have interest rates over a selected range – and use their email addresses to build a targeted ad campaign around refinances.
Are you ready to explore a Surefire way to boost your business?
As content manager at Top of Mind Networks, Renita develops award-winning marketing materials and strategies for mortgage companies. Throughout her career, Renita has managed public relations and produced both printed and online content for clients in the home building, affordable housing, real estate, mortgage lending, financial planning, and
environmental industries. As a ghostwriter, she has contributed to two books on social media marketing. Her work has also been published in numerous print and online trade publications for industries she supports.