OLYMPIA – The Washington State Department of Financial Institutions (DFI) is launching a statewide advertising campaign warning homeowners with Adjustable Rate Mortgages to prepare for higher interest rates.
The bilingual mass media campaign includes spots on radio stations, in print media, online and even in movie theatres in English and Spanish. The goal is to encourage homeowners to take action now and prepare for potential rate increases and avoid foreclosure.
In an effort to reach more consumers, DFI launched the consumer section of the division’s Web site in Spanish (http://wadfi.convertlanguage.com/wadfi/enes/24/_dfi_wa_gov/). A toll-free telephone service for Spanish speaking consumers is available as well at 1-888-976-4422.
Homeowners are urged to understand the details of their mortgage, as many may be unaware they have adjustable rate mortgages or that their rates may increase later this year. DFI hopes that informing Washington consumers and helping connect them with the resources they need will result in lower foreclosure rates throughout the state.
OPED from DFI Director Scott Jarvis
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders, and securities brokers and dealers. The department has won numerous awards for its financial literacy and outreach programs developed to protect consumers from financial fraud. In addition to posting information about licensees and administrative actions, the DFI’s Web site features consumer tips on a variety of financial fraud-related topics.