I posted this in the Marketing Forum over a week ago and received no responses, so I thought maybe someone in the Lending Forum may have had experience with the following:
We are considering offering a "special" rate during our local builder's association Parade of Homes. This would be a limited promotion and would have a clear end date. The homes included in the parade are priced at $150 and up, so it's not just "high end" properties that would price our lower and moderate income families out of the mix. Rates and terms would be the same for all qualified buyers. From a fair lending perspective, I am still unsure on offering the special pricing on just the homes that are included in the parade. Have any of you offered something similar? We want to be very sure we do this right, and I think that offering the promotion on all loans, not just those in parade, may be the only option. Thanking you in advance for any words of wisdom!
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I use to think I was a smart cookie before I started working in Compliance. Now, I have mastered the art of the blank stare!