Skip to main content

Compliance and Marketing 2013: Safely Growing Your Business and the Safest New Marketing Strategy!

Nov 25, 2013

If you have ever done a significant amount of marketing, you have probably ran into or heard of others running into problems with compliance (hoops to jump through to keep your marketing compliant). The mortgage industry and your marketing strategy are heavily regulated by the Federal Trade Commission (FTC) and now the Consumer Financial Protection Bureau (CFPB). These agencies are put in place to make sure that consumers aren’t being taken advantage of by lenders or their marketing, and with all the guideline changes in the mortgage industry, it’s easier than ever to get into hot water. How can you stay current with all of these regulations? 1. You can read the guidelines on the agency Web sites. 2. Make sure you work with a reputable marketing firm. This is key. There are plenty of “marketing people” out there who don’t understand the guidelines. If they don’t know the rules, how can you expect them to be followed? 3. If you have a compliance department, USE THEM! They have intimate knowledge of industry regulations and will make sure you don’t get into any hot water. 4. This is the most important of all … TALK TO YOUR MARKETING COMPANY ABOUT IT. If you use an outside marketing firm, you must absolutely take the time to talk with them and find out how much they know about the guidelines for the specific type of marketing that you do or are planning on doing this year. Sure, it’s not their responsibility to make sure you follow the rules, but if you get into trouble they will lose you as a client and any good company will always put your best interest first. Some easy ways to make sure you remain in compliance: ►Understand the regulations that impact your marketing, your industry, your loan type and do your best to follow them. They will sometimes lower your response rates, so it’s important to consider this BEFORE you begin a marketing campaign. ►If you’ve already started your campaigns, have that conversation with your compliance officer and/or you marketing firm and make any necessary changes ASAP. ►Talk with your marketing firm to get useful insight into how you can keep your marketing profitable, while following set guidelines and find out what’s working for the types of loans you focus on. Marketing tip for the fall: Live transfer leads These leads have been up and coming all summer. Combining all forms of marketing to produce prospects that truly interested in refinancing or purchasing now is outperforming any other marketing in the industry. You get qualified interested prospects on the phone now. And since you’re not doing any of the upfront marketing (only paying for the leads), your are only liable for what happens to the lead after it is transferred to you. On top of that, you pay per call, which basically guarantees the success of your campaign. These are offered in all 50 states and for all loan types. It’s the newest wave of marketing to sweep the mortgage industry, and it’s the most compliant. Medford, Ore.-based TagQuest is a full-service marketing firm created specifically for the ever-changing business world. TagQuest assists companies with their direct marketing, advertising and branding needs, and knows what it takes to generate quality customers and, most importantly, how to retain those customers for years to come. TagQuest brings forth a unique opportunity to utilize our experience and expertise in varying consumer sales and marketing environments. For more information, call (866) 376-5540 or visit Tagquest.com.
About the author
Published
Nov 25, 2013
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.