What is required by Mortgage Acts and Practices in advertising?

The requirement outlined in the Mortgage Acts and Practices (MAP) emphasizes that if a mortgage lender or originator does not have a specific program or rate available, they should not advertise it. This is to prevent misleading consumers. The intent of this regulation is to ensure that advertisements are truthful and not deceptive, which helps maintain fairness and transparency in the mortgage lending industry. By adhering to this guideline, lenders can foster trust with potential borrowers, ensuring that the information presented in advertisements accurately reflects what is currently available.

The rationale behind this regulation is to protect consumers from being lured in by false promises or non-existent offers, which can lead to confusion and disappointment. Regulations like these are essential for maintaining a fair marketplace where consumers can make informed decisions based on accurate information.