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Please
read the below scenario and then provide your answer in the comments section
below.
An MLO named Taylor advertises what she calls “5
for 5” mortgage loans: 5% down and 5% fixed rate interest for 30 years. A qualified
borrower comes in and starts the loan process, paying for a credit report, and
completing a loan application. But Jane does not lock in that interest rate.
She knows that rates are going up, so she sits on the application for an extra
week, and then tells the borrower that the best she can do is 5 3/4%.
Would
this be considered an example of a bait and switch tactic? Why or why not?
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