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#2077317 - 05/05/16 08:01 PM
How to Aggressively Market w/ Section 8 in Mind
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Diamond Poster
Joined: Aug 2012
Posts: 1,700
48.934476, -114.343735
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This would be a great thread/topic for discussion. I think most of us are in the same boat in that we have a perpetual fight between supporting the bank's mortgage marketing efforts and not knowing where the line is drawn with regards to Section 8 ambiguity.
A solid discussion on how to successfully market a mortgage operation, with Section 8 compliance in mind would be of great value.
If anyone has examples of their marketing strategy that are innovative, yet Section 8 compliant, let's hear it.
_________________________
Maybe you just wanna fly the plane yourself. Well good luck pressing take off, then auto pilot, then land.
CRCM
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#2077319 - 05/05/16 08:08 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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10K Club
Joined: Jul 2001
Posts: 83,220
Galveston, TX
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You go out and shake every persons hand that you meet and tell them to come and see you next time they need a mortgage loan. Can't get any safer than that.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#2077968 - 05/10/16 08:35 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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100 Club
Joined: Sep 2015
Posts: 114
Texas
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We are kicking around many ideas: The closest one we are looking at is described below and I would appreciate any thoughts and comments.
We are looking at networking with a local broker firm. We would tell our customers about the brokerage firm and let them know that they offer a lower brokerage fee if financed through us. We would already be doing the "pre-approval" for these customers and would offer it as a "customer perk"...
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#2080200 - 05/24/16 10:05 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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Gold Star
Joined: Apr 2016
Posts: 283
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Wyogirl - That is a pretty clear cut RESPA Section 8 violation. Try a nice card and forego the bottle (or box) of wine.
_________________________
Opinions expressed are my own and do not reflect legal advice or the opinions of my employer.
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#2080206 - 05/24/16 10:26 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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Gold Star
Joined: Apr 2016
Posts: 283
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Well blame Hallmark for that, sounds like you spend more on cards than I do. You could try that argument on your examiners, "but the wine we give them is terrible". Let me know how that plays out All joking aside, its giving a thing of a value for a referral. I don't think the logo is going to make any difference.
_________________________
Opinions expressed are my own and do not reflect legal advice or the opinions of my employer.
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#2080805 - 05/27/16 01:21 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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100 Club
Joined: May 2009
Posts: 231
midwest
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I don't have any advice but will share something I recently saw posted on social media. A real estate agent posted a picture of their office enjoying a gift basket on Cinco de Mayo. It included chips, salsa and all the makings for margaritas. They were thanking one of the local mortgage loan officers for the gift. The post included the mlo's name, nmls number and employer.
As a compliance officer - I cringed - but was glad it wasn't one of my mlo's!
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CRCM
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#2083899 - 06/16/16 10:02 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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Junior Member
Joined: Jan 2016
Posts: 35
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Is it a violation of RESPA section 8 if an LO invited a realtor to a basketball game? The LO would be going with the realtor. thoughts?
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#2083915 - 06/17/16 01:24 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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10K Club
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
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Ticket to ball game - something of value.
LO taking Realtor - LO is doing so in anticipation of, or for referrals from the Realtor.
Sec. 8 - yes.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#2083933 - 06/17/16 02:15 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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100 Club
Joined: Sep 2015
Posts: 114
Texas
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I agree with Dan but I want to ask the question with a twist and see if feelings are same...
LO invited a Realtor, who is his friend prior to him becoming a LO, to a basketball game.... LO received tickets as a give a way from local radio station.....
Would this be a violation?
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#2083936 - 06/17/16 02:22 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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100 Club
Joined: May 2016
Posts: 241
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The ticket is still a thing of value. Does not matter how the giver obtained it.
_________________________
Just my opinion, I could be wrong. - Dennis Miller
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#2084083 - 06/17/16 07:47 PM
Re: How to Aggressively Market w/ Section 8 in Mind
Norman Paperman
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Junior Member
Joined: Jan 2016
Posts: 35
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Thank you!! I tend to be conservative- and not naive either, and I just don't like it. The LO can tell me all they want that it's not for a referral, but we all know it is! We just hired a group of green LO's- we are doing a 2 month classroom style training with them. When I spoke to them about RESPA Section 8 that raised A LOT of questions for them. My initial reaction and gut says NO, but I also tend to air on the conservative side too so I wanted to get your opinions as well. Thanks a bunch!
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