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retailorig
Cherry Bomb


Joined: 05 Jan 2008
Posts: 132

mortgage adverts on the radio
PostPosted: Thu Feb 28, 2008 3:01 am Reply with quoteBack to top

How many of you are tired of the non stop adverts from mortgage brokers on AM radio. I live in the San Francisco bay area and listen to 560 AM in the morning. It seems that most of the adverts are mortgage brokers spewing some cr*p!. The rates are never realistic. I am so tired of the "biggest no brainer in the history of mankind" guy, Quicken, the ones who advertise a low APR that is from weeks ago and others that are basically endorsed by the DJ. I wish the CA dept of real estate who listen to the adverts and prosecute. Unfortunatley they only investigate after a consumer complaint.

Are these adverts common all over the country? What can we do to stop the misleading advertising?
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EnergyTrader
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Joined: 08 Nov 2007
Posts: 1344

Re: mortgage adverts on the radio
PostPosted: Thu Feb 28, 2008 3:17 am Reply with quoteBack to top

Wes Hoagland is still doing his no brainer bit? I remember when it was Advantix and Lenox (Wes company) crapping up the socal airwaves. At least Advantix is gone I believe.
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Rolo Tomasi
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Joined: 10 Dec 2007
Posts: 1128
Location: Texas

Re: mortgage adverts on the radio
PostPosted: Thu Feb 28, 2008 3:56 am Reply with quoteBack to top

retailorig wrote:
How many of you are tired of the non stop adverts from mortgage brokers on AM radio. I live in the San Francisco bay area and listen to 560 AM in the morning. It seems that most of the adverts are mortgage brokers spewing some cr*p!. The rates are never realistic. I am so tired of the "biggest no brainer in the history of mankind" guy, Quicken, the ones who advertise a low APR that is from weeks ago and others that are basically endorsed by the DJ. I wish the CA dept of real estate who listen to the adverts and prosecute. Unfortunatley they only investigate after a consumer complaint.

Are these adverts common all over the country? What can we do to stop the misleading advertising?

well first of all Quicken loans is a mortgage banker. that's beside the point i guess, but i had to point it out...
as far as the advertising goes, the only thing you can do about it is come up with a better ad yourself...at least the gov't clamped down on all those pay option ARM internet ads that said $500K mortgage for $299 per month.
anyone can advertise a lower than market rate because we all know that is subject to the term and also how many discount points they are willing to pay. I'm sure they can offer those rates, albeit on a 15 year mortgage with mucho discount points.
in a court of law, it would be hard to prove that their ad is false, although it goes without saying that they are misleading. Although we all know that the Fed rate isn't tied to mortgage rates, they do often follow suit weeks after a rate cut (although that has been far from the case this time). I'm not defending them, i am just saying that would be their defense, and i'm sure they would win the fight.
Think about how much of advertising walks a fine line between misleading and outright false...almost all of it. Does every company not claim to be the best and lowest priced on everything, all the time, GUARANTEED? How can they all say that? I don't know either, but they all do. For every loan officer that's pissed about Quicken loans ads, there's a dermatologist that wants to choke the Oil of Olay girl, a personal trainer that wants to bludgeon the 30 minute abs guy, and a laundry detergent salesman that wants to saw that bearded OxyClean guy in half that can take a dump on a white wedding dress and clean the stain out in two seconds with a sponge and a sprinkle of that worthless powder.
Welcome to advertising in America

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Rolo Tomasi
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Joined: 10 Dec 2007
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Location: Texas

Re: mortgage adverts on the radio
PostPosted: Thu Feb 28, 2008 3:57 am Reply with quoteBack to top

and yes, they are on every radio station, AM and FM, all day every day. at least they are in Dallas where i am.

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StephenF
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Joined: 08 Dec 2007
Posts: 981
Location: New Jersey

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 3:58 pm Reply with quoteBack to top

They are here in NJ as well...and they are appalling. What I find amazing are those who believe these Ads…This to me is even more minding boggling.

I often get a contemptuous smirk on my face when I hear one of these commercials for two reasons… (1) I know that the advertising is misleading and (2) I know the character of & the characters in the companies doing the advertising. Really, who is more misleading then Lending Tree? Brokers Compete my “A”
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ronia1
Dud?


Joined: 22 Dec 2007
Posts: 22
Location: Wayne PA

ROLO for President!
PostPosted: Fri Feb 29, 2008 4:10 pm Reply with quoteBack to top

Dude (Rolo)-
Your wording in explaining the advertising mecca that has literally overruled all common sense in our country's inner workings is so DEAD-ON I had to comment. Of course I totally lost it on the bearded guy oxy clean bit. As the Guiness ad says, "Priceless"! GREAT-- now I am using a TV ad to make my point about how advertising has taken over. Lovely, just lovely.
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dks
Nitroglycerin


Joined: 11 Jan 2008
Posts: 556

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 4:13 pm Reply with quoteBack to top

Why are these ads so bad? Many people would benefit by refinancing right now. FHA guidelines are great for some of these subprime people caught in a rising arm. I think ads should have full disclosure, but why would these mortgage companies not want to market in a mini-boom? If you don't market, you would become a member of the imploded list, would you not?
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Rolo Tomasi
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Joined: 10 Dec 2007
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Location: Texas

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 4:30 pm Reply with quoteBack to top

dks wrote:
Why are these ads so bad? Many people would benefit by refinancing right now. FHA guidelines are great for some of these subprime people caught in a rising arm. I think ads should have full disclosure, but why would these mortgage companies not want to market in a mini-boom? If you don't market, you would become a member of the imploded list, would you not?

i don't think anyone disputes that it's a good time for some people to refinance, but the way they advertise is misleading. For example, almost every time the Fed cuts rates, mortgage rates actually increase in the short term but usually lower in the long term. These ads are designed to leave consumers with the impression that the Fed controls mortgage rates and since they just lowered, it's time to lock in now. Most truly educated consumers would probably opt to wait until the markets settle down after a Fed rate cut to actually lock in their rate.
Furthermore, i think advertising a 15 year rate that requires 5 discount points without fully disclosing that is quite misleading. Try telling a client over the phone that rates are 5% and then have to backpedal at loan application once you disclose the term and fees. You would not have a happy camper.
The ads produce the desired result. They get the phone to ring, and then some slick salesguy spins the information once you call. I know this for a fact because i've called on many of the ads myself. They produce a substantial amount of misinformation, but like i said in my original post, welcome to advertising in America.

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Rolo Tomasi
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Joined: 10 Dec 2007
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Location: Texas

Re: ROLO for President!
PostPosted: Fri Feb 29, 2008 4:32 pm Reply with quoteBack to top

ronia1 wrote:
Dude (Rolo)-
Your wording in explaining the advertising mecca that has literally overruled all common sense in our country's inner workings is so DEAD-ON I had to comment. Of course I totally lost it on the bearded guy oxy clean bit. As the Guiness ad says, "Priceless"! GREAT-- now I am using a TV ad to make my point about how advertising has taken over. Lovely, just lovely.

andithankyou [spoken in Austin Powers dialect]

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MarxBrother
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Joined: 07 Feb 2008
Posts: 164

Re: mortgage adverts on the radio
PostPosted: Fri Feb 29, 2008 7:36 pm Reply with quoteBack to top

What blows my mind is that there must be people actually going to the "biggest no-brainer in the history of earth" guy to refi!!! Probably a lot of people based on the fact that I've heard the same radio ad, re-branded, in Boston, Orlando & Las Vegas within the last year. A national ad buy is not cheap... How can people trust the biggest investment of their lives to a guy in a plaid leisure suit & white shoes?

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