Regulation N — Mortgage Acts and Practices–Advertising (MAP Rule), 12 CFR Part 1014

Updated 2026-06-09

Regulation N, Reg N, the Mortgage Acts and Practices–Advertising Rule (MAP Rule), and 12 CFR Part 1014 all name the same federal rule governing mortgage advertising. It was originally issued by the Federal Trade Commission (FTC) in 2011 as the MAP Rule (Regulation N); rulemaking authority was later transferred to the Consumer Financial Protection Bureau (CFPB), which restated it at 12 CFR Part 1014. Regulation N prohibits material misrepresentations in any commercial communication about a mortgage credit product. The Bureau issued it to implement § 626 of the 2009 Omnibus Appropriations Act, § 511 of the Credit CARD Act of 2009, and § 1097 of the Dodd-Frank Act. It is a federal advertising-compliance rule tested on the NMLS SAFE MLO national exam.

Regulation N Scope and Who It Covers (12 CFR 1014.1)

Regulation N applies to "persons over which the Federal Trade Commission has jurisdiction under the Federal Trade Commission Act" — broadly, mortgage lenders, brokers, servicers, lead generators, and advertising agencies that advertise mortgage credit products. Banks, thrifts, and federal credit unions fall outside the FTC's jurisdiction, but are subject to the parallel CFPB authority and the general prohibition on unfair, deceptive, or abusive acts or practices (UDAAP).

Regulation N Key Definitions (12 CFR 1014.2)

• Commercial communication — any written or oral statement, illustration, or depiction designed to effect a sale of, or create interest in, a mortgage credit product, across any medium (print, broadcast, digital, telemarketing, websites, promotional materials).
• Consumer — a natural person to whom a mortgage credit product is offered or extended.
• Credit — the right to defer payment of debt or to incur debt and defer its payment.
• Dwelling — a residential structure of one to four units, including a condominium, cooperative, mobile home, manufactured home, or trailer used as a residence.
• Mortgage credit product — any form of credit secured by real property or a dwelling, offered to a consumer primarily for personal, family, or household purposes.
• Term — any of the fees, costs, obligations, or characteristics of, or associated with, the product, plus conditions affecting its availability.

Regulation N Prohibited Misrepresentations (12 CFR 1014.3)

Regulation N prohibits making any material misrepresentation, expressly or by implication, in a commercial communication about a mortgage credit product. The prohibited categories include misrepresentations regarding:

• (a) the interest charged, including the monthly amount or whether unpaid interest is added to the total owed;
• (b) the annual percentage rate, simple annual rate, periodic rate, or any other rate;
• (c) the existence, nature, or amount of fees or costs, including any claim that no fees are charged;
• (d) the existence, cost, or payment terms of additional products or services sold with the mortgage, such as credit insurance;
• (e) terms, amounts, or payments related to taxes or insurance, including whether a separate payment is required;
• (f) prepayment penalties — their existence, nature, amount, or terms;
• (g) the variability of interest, payments, or other terms, including misuse of the word "fixed";
• (h) comparisons between actual or hypothetical rates or payments;
• (i) the type of mortgage credit product, including claims about full amortization;
• (j) the amount of the obligation or the existence of cash or credit available to the consumer;
• (k) the existence, number, amount, or timing of any minimum or required payments;
• (l) the potential for default, including the circumstances that would trigger default;
• (m) effectiveness in helping the consumer resolve debt difficulties, including debt reduction or forgiveness claims;
• (n) association with, or endorsement by, other persons or programs, including false claims of government affiliation;
• (o) the source of the commercial communication, including false claims about the consumer's current lender;
• (p) the consumer's right to reside in the dwelling, or the duration of that right;
• (q) the consumer's ability to obtain the mortgage product or its terms, including false preapproval claims;
• (r) the consumer's ability to refinance or modify the loan, including false guarantees;
• (s) the availability, nature, or substance of counseling services or expert advice.

Regulation N Recordkeeping (12 CFR 1014.5)

A covered person must keep, for 24 months from the last date a commercial communication was made or disseminated: copies of all materially different commercial communications, sales scripts, training materials, and marketing materials about mortgage credit product terms; documents describing the mortgage credit products available to consumers (including names and terms); and records of any ancillary products such as credit insurance offered with the mortgage. Records may be kept in any legible form in the ordinary course of business.

Enforcement and NMLS Exam Relevance

Regulation N / the MAP Rule is enforced by both the CFPB and the FTC. For mortgage loan originators, the key exam point is that Regulation N makes deceptive or misleading mortgage advertising a federal violation: any claim about rates, fees, payments, government affiliation, or the consumer's ability to qualify must be truthful and non-misleading. Connect Regulation N to UDAAP and to the advertising rules under the Truth in Lending Act (TILA) and Regulation Z (Regulation Z).