Advertising
Read the following situation and answer the question that
follows in the “Comments Section” below.
Eric works for Light House Lending. Eric is always looking for ways to draw in
more business so he starts drumming up some ideas for a printed advertisement,
focusing on trying to draw people in by focusing on rates. At the time Eric comes up with the
advertisement the rate for a fixed rate mortgage is 3.64% . Eric comes up with the following
advertisement:
Light House
Lending
Let us light
the path to your new home.
Our team
can get any borrower “Immediate Approval”
Fixed Rates
at 3.64%. endorsed by HUD
Quality
Service
Don’t trust
just any lender, let us guide you safely home!
Call Today!
1-800-PATH-HOME
Eric knows that by the time the advertisement is circulated
to the public, there is a chance that the rates could swing up, but he likes
the advertisement and decides to go ahead and distribute it anyway. Based on the advertisement Eric created and
your knowledge of South Carolina mortgage law, identify at least two areas
where Eric’s advertisement is in violation.
After you
complete this assignment, you may continue in the course.
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