§ 1014.3 Prohibited representations. 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 loan payments, loan amount, or total amount due from the consumer;
( f ) Any prepayment penalty associated with the mortgage credit product, including but not limited to misrepresentations concerning the existence, nature, amount, or terms of such penalty;
( g ) The variability of interest, payments, or other terms of the mortgage credit product, including but not limited to misrepresentations using the word “fixed”;
( h ) Any comparison between: ( 1 ) Any rate or payment that will be available for a period less than the full length of the mortgage credit product; and
( 2 ) Any actual or hypothetical rate or payment;
( i ) The type of mortgage credit product, including but not limited to misrepresentations that the product is or involves a fully amortizing mortgage;
( j ) The amount of the obligation, or the existence, nature, or amount of cash or credit available to the consumer in connection with the mortgage credit product, including but not limited to misrepresentations that the consumer will receive a certain amount of cash or credit as part of a mortgage credit transaction;
( k ) The existence, number, amount, or timing of any minimum or required payments, including but not limited to misrepresentations about any payments or that no payments are required in a reverse mortgage or other mortgage credit product;
( l ) The potential for default under the mortgage credit product, including but not limited to misrepresentations concerning the circumstances under which the consumer could default for nonpayment of taxes, insurance, or maintenance, or for failure to meet other obligations;
( m ) The effectiveness of the mortgage credit product in helping the consumer resolve difficulties in paying debts, including but not limited to misrepresentations that any mortgage credit product can reduce, eliminate, or restructure debt or result in a waiver or forgiveness, in whole or in part, of the consumer's existing obligation with any person;
( n ) The association of the mortgage credit product or any provider of such product with any other person or program, including but not limited to misrepresentations that: ( 1 ) The provider is, or is affiliated with, any governmental entity or other organization; or
( 2 ) The product is or relates to a government benefit, or is endorsed, sponsored by, or affiliated with any government or other program, including but not limited to through the use of formats, symbols, or logos that resemble those of such entity, organization, or program;
( o ) The source of any commercial communication, including but not limited to misrepresentations that a commercial communication is made by or on behalf of the consumer's current mortgage lender or servicer;
( p ) The right of the consumer to reside in the dwelling that is the subject of the mortgage credit product, or the duration of such right, including but not limited to misrepresentations concerning how long or under what conditions a consumer with a reverse mortgage can stay in the dwelling;
( q ) The consumer's ability or likelihood to obtain any mortgage credit product or term, including but not limited to misrepresentations concerning whether the consumer has been preapproved or guaranteed for any such product or term;
( r ) The consumer's ability or likelihood to obtain a refinancing or modification of any mortgage credit product or term, including but not limited to misrepresentations concerning whether the consumer has been preapproved or guaranteed for any such refinancing or modification; and
( s ) The availability, nature, or substance of counseling services or any other expert advice offered to the consumer regarding any mortgage credit product or term, including but not limited to the qualifications of those offering the services or advice.