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#1537242 - 04/19/11 01:54 PM Loan coupon for closing cost
Badgerollie Offline
New Poster
Joined: Sep 2008
Posts: 23
I would like to do a coupon for a discount on closing costs. Any suggestion on what to do so it is not a compliance nightmare?

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Lending Compliance
#1537247 - 04/19/11 02:00 PM Re: Loan coupon for closing cost Badgerollie
Sheldon Hendrix Offline
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Sheldon Hendrix
Joined: Jun 2006
Posts: 1,156
South
Just make sure it's transparant, and that you provide and apply the coupons consistently to avoid fair lending issues. For example, if you are mailing them out, make sure you mail them to low-moderate income census tracts and ethnically diverse areas within your community.

Also, when you are waiving or absorbing fees you will need to make sure this will show up properly as credits on your GFE and HUD.

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