Marketing is considering paying a Bonus to consumer customers on RESPA covered loans if approved. The bonus would not exceed $200 and be paid in the form of a VISA gift card. I don't believe that this violates section 8 rules and is allowed to be paid. Should it be reflected in the settlement statement and are there any reg Z considerations that should be made? If it must be reflected on the settlement statement, how?
Any insight into what is required is helpful! Thanks
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