Skip to content
GeoDataVision
Thread Options
#1764260 - 12/05/12 09:32 PM Bank will Make 1st Payment 1099 Help
2old2care Offline
Platinum Poster
Joined: Oct 2006
Posts: 710
PA
We are considering offering a special for our VA Mortgage Loan product. If a Veteran is approved for his VA Loan with or bank (of course) we will pay the first scheduled mortgage payment up to $1,500. This would include P&I and Escrow.
Thoughts on 1099 Misc and/or 1099 for the Interest?

Return to Top
Marketing
#1764321 - 12/05/12 11:24 PM Re: Bank will Make 1st Payment 1099 Help 2old2care
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,898
Galveston, TX
I would be more concerned with VA rules first. I have no idea if this would be allowed or not. If it is part of your legal agreement with the customer, it would have to be reflected on the TIL and I doubt that would be acceptable to them.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1764401 - 12/06/12 01:58 PM Re: Bank will Make 1st Payment 1099 Help 2old2care
2old2care Offline
Platinum Poster
Joined: Oct 2006
Posts: 710
PA
We are checking with the VA and waiting for a response. My hope is that they put a stop to this....I spend a lot of time working on "ideas" the LO's come up with which often make my head spin. Simply a different mind set. I am looked at as wicked with of the west. I can live with that! Thank you for taking time to respond.

Return to Top

Moderator:  Andy_Z, MoneyMaker