Prohibited representations.

CFR · 2024-01-01 · US · Title 12

It is a violation of this part for any person to make any material misrepresentation, expressly or by implication, in any commercial communication, regarding any term of any mortgage credit product, including but not limited to misrepresentations about: (a) The interest charged for the mortgage credit product, including but not limited to misrepresentations concerning: (1) The amount of interest that the consumer owes each month that is included in the consumer's payments, loan amount, or total amount due, or (2) Whether the difference between the interest owed and the interest paid is added to the total amount due from the consumer; (b) The annual percentage rate, simple annual rate, periodic rate, or any other rate; (c) The existence, nature, or amount of fees or costs to the consumer associated with the mortgage credit product, including but not limited to misrepresentations that no fees are charged; (d) The existence, cost, payment terms, or other terms associated with any additional product or feature that is or may be sold in conjunction with the mortgage credit product, including but not limited to credit insurance or credit disability insurance; (e) The terms, amounts, payments, or other requirements relating to taxes or insurance associated with the mortgage credit product, including but not limited to misrepresentations about: (1) Whether separate payment of taxes or insurance is required; or (2) The extent to which payment for taxes or insurance is included in the

official document · source cfr-2024 · id 12:§ 1014.3