Hi all:

Quick question for the mortgage experts-- I'm licensed as a Real Estate Broker. If I use the following as an advertisement on my real estate web site, am I violating any Truth In Lending laws or any other lending law you can think of if I don't follow it with any disclosure(s)? I was concerned that I may be using a "triggering" word or phrase.

Advertisement: "Teachers within certain HH incomes can get $7,500 - $10K in a zero interest, zero monthly payment second mortgage to pay their down payment and closing costs."

Thank you in advance.

what does "HH" mean?

Mortgage experts know what HH income means ;-)

HH income (aka common abbreviation for Household income)

Household income is a measure of current private income commonly used by the United States government and private institutions. To measure the income of a household, the pre-tax money receipts of all residents over the age of 15 over a single year are combined. Most of these receipts are in the form of wages and salaries, but many other forms of income, such as unemployment insurance, disability, child support, etc., are included as well. The residents of the household do not have to be related to the householder for their earnings to be considered part of the household's income. As households tend to share a common economic fate, the use of household income remains among the most widely accepted measures of income. However, the size of a household, which is commonly not considered, creates significant distortions which offset gains or decreases in household income and makes direct comparisons between quintiles impossible.

Thanks, I learned something new today and maybe you learned not to abbreviate in your ads or you'll get someone like me going "huh?"

Are the target customers for your ad Mortgage pros? If not, then drop the HH.

HH = HUGE HONKIN?

Howard Hughes?
Hugh Hefner?
Howard Hesseman?

All of those guys have, or had, presumably, big incomes.

I would say "total" or something a layman can understand without asking for help deciphering.

For years, when I read real estate ads, I wondered what the hell an EIK was. Other REALTORS knew what it was, of course, but as Joe Consumer, I had no idea what an EIK was. Electric Igniting Kiln? I finally asked my friend, a broker, embarrassed by my stupidity - I felt even sillier when he laughed and said, like, duh, Eat In Kitchen...

Write for your target, not jargon only your peers will understand.

Are the target customers for my ad Mortgage pros? Do they have to be? Do we expand all abbreviations so that even the most uninformed know what those things mean? Maybe we could suggest that every mortgage ad that has "PMI", "LTV", "ARM", "APR"...(hey are they talking about me losing my arm in the month of April?) expand those as well?

Thing is, none of this has anything to do with my question about triggering words. Thanks but...nevermind. I'll ask elsewhere.

Cheers.

Wow, take a chill. A lot of customers won't know what the abbreviations are.

Any one with any character, class, or integrity would have said thanks, good point, I'll correct that.

So if you going to take it elsewhere you should consider changing you name tag too (truth in advertising). Maybe BigEgo1

I have the answer to your question but since your going elsewhere there is no use posting it because you won't see it.

Cheers

....(yawn)....I'm going to reserve my response to that unprovoked personal attack and name slinging for another time.

...and that time would be right about now. @BAB, nowhere in any of the above posts did I attack the person, with over the top insults regarding character, class, or integrity, nor did I call anyone any names. And there is no need for me to make a "correction" to "HH income" which is a non-issue as it would pertain to the opening question, nor is it a good point. Again, no one is going to spell out common abbreviations like APR, LTV, ARM, HH income, and such, in loan ads directed towards *teachers*.

What's really interesting is your mindset. Let’s review. No one was speaking to you directly, yet you took so much offense as to attack me personally, with the end result being a contradiction to your whole point. Just so I understand you, you consider yourself an authority on character, class and integrity, while you engage in personal insults and name calling all in the same breath? What does that say about you? That was the contradiction. So which is worse, me pointing out that the responses didn't pertain to the question, thanked them, then said I'd ask elsewhere ("never mind" could be argued as borderline rude, please forgive me as I did not realize we had such delicate flowers here), or you coming in with four personal insults all within two sentences and *still* not adding to the value of the discussion? That was a rhetorical question - no need to answer. Being the licensed Realtor that you are, and assuming you know our basic and elementary code, you should be well aware that saying such disparaging things towards another real estate Broker is against our code of ethics. Maybe you should try to get your own self in order before you go looking in someone else's back yard?

To conclude, nowhere in the above two paragraphs did I attack you personally. Please try to live by your own words and set a better example next time, or learn to use the “ignore” feature on this board, as I’m about to do.

Cheers to you as well.

P.S. Concerning the topic, I found the triggering words in some old CE notes (CE is an abbreviation for C-o-n-t-i-n-u-i-n-g E-d-u-c-a-t-i-o-n). Maybe I'll cut and paste the triggering words here on another day.

My my, aren't we a little bit oversensitive here, or did you just have a bad day?
I'm glad you haven't been here that long and seen us in the trenches slinging mud at each other, but it's always done with the best intentions and in taste.

Another cheers to you!

Dear President of Best Intentions and Good Taste:

I'm glad I haven't been here "in the trenches" slinging mud at other presumed professionals...can you imagine all of the countless other folks who are not Realtors who are here seeing it? What an asset the public mud slinging must be to our trade. I will take your advice…lighten up...and start taking things like character attacks and disrespect lightly...I mean...who needs character and respect? We're Realtors!

NEWHO.

The CE notes regarding the topic:

[CCPA – provisions of the act]

CCPA includes provisions related to any advertising for credit which apply to anyone who advertises “consumer credit” not just creditors. This would include builders, real estate brokers, who advertise – must comply.

Under CCPA, any ads may state the cash price and the APR (if it is identified as such) without having to disclose any other credit information.

If an ad mentions ANY other “specific credit term” for the following list of “triggering terms,” then additional disclosures must be made:
• the down payment
• the amount of any payment
• the number of payments
• the period of repayment
• the amount of the finance charge (or the statement that there is no charge for credit)

(a good rule is “specific credit term” involves a dollar amount)

Penalties for willfully violating the Act:
• up to 1 year in jail, and/or
• a fine of up to $5,000

Civil penalties:
• punitive damages up to twice the finance charges involved, up to a max of $1,000
• actual damages, attorney fees, and court costs.