What makes a compliant digital ad for loan officers?

When mortgage professionals want to use digital ads, they have several things to consider: their branding, their messaging, and compliance.

A marketing campaign, whether consisting of one or numerous advertisements and promotional opportunities, needs to be above board, avoiding potential UDAAP (Unfair, Deceptive, or Abusive Acts or Practices) and fair lending violations.

“Nearly any kind of “puffery” can cause a UDAAP violation, the classic example being over-promising and under delivering!” said Jonathan Foxx in his article for National Mortgage Professional Magazine. “Another classic is up-selling or down-selling to less attractive products or products unsuitable for the audience of prospective applicants.”

Digital ads for loan officers that focus on your brand

Advertising specific mortgage products is the tricky area for loan officers. But when you focus on your brand, the mission, and the message become much clearer.

“Give some thought to the ‘what and how’ of your mortgage marketing and advertising efforts, and how the results contribute to or detract from your institution’s fair lending objectives,” said Mortgage Compliance Magazine.

A campaign around branding serves multiple purposes for lenders. First of all, branding can help loan officers reach new prospects. As Ryan Smith said in Mortgage Professional America, “Loan officers are brands too, and they need as much help building relationships with customers as the organization itself does.”

Adwerx offers digital ads for mortgage professionals that help build your brand in two ways. One by display ads shown to people in your specific Zip codes or to ads shown to past clients and referral partners.

These ads meet compliance requirements in several ways.

Who will see the ad?

With Zip code ads, the ads are shown to people within that zip code(s) selected by the loan officer and who are “in-the-market” for a new home purchase or refinancing an existing mortgage.  These people are identified based on their online browsing behavior. Activities such as searching for listings, researching mortgage rates or requesting mortgage quotes.

Where will the ad be shown?

Ads are shown on top websites like NY Times, CNN and YouTube, on Facebook and in popular mobile apps (such as weather, sports and news apps). A larger sample list of websites can be found here: https://www.adwerx.com/sample_sites

What happens when someone clicks on the ad?

They are taken to the destination web page added by the loan officer when the campaign was created.

How do you track performance?

Each account has a dashboard that shows total impressions and clicks. These results are also emailed weekly.

Do you take any demographic information into account?

In compliance with the fair lending policy, Adwerx does not collect any demographic information about the consumers who are targeted with the online ads.

How long will the ad be kept on record?

Adwerx keeps all loan officer accounts on file indefinitely, even after a loan officer cancels the account.

How many other lenders can advertise in my area?

Each Zip code has three spots available. Any lender can buy one or all spots.

Can loan officers co-market with a real estate agent? Is there an audit trail?

This feature is in development. Please contact sales@adwerx.com to learn more about this opportunity.

Can the ad template be changed?

The ad can be changed to reflect the loan officer’s brand colors and tagline. Ads must include the NMLS# and business name. Or mortgage pros can upload their own compliant ad.

Do we offer firm-specific compliance?

Along with state and federal regulations, some firms have internal compliance officers to ensure their loan officers are keeping within brand guidelines. If you have an internal compliance officer who has any questions about Adwerx, please direct them to enterprise@adwerx.com. We’ll be happy to make sure we’re compliant with your firm’s standards.