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#2204565 - 01/31/19 02:57 PM Mortgage Promotion
TINKerBell Offline
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TINKerBell
Joined: Nov 2006
Posts: 3,243
Tiger's Den!
If a bank offers a new thermostat for loans applied for and originated during a specific time period, would this violate any RESPA rule? The thermostat would only be given to originated loan customers. 1099s would be given.
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Marketing
#2204576 - 01/31/19 03:28 PM Re: Mortgage Promotion TINKerBell
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,070
Toano, VA
If you're thinking about Section 8, that's not an issue because the borrower isn't a settlement service provider.
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#2204580 - 01/31/19 03:48 PM Re: Mortgage Promotion TINKerBell
TINKerBell Offline
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TINKerBell
Joined: Nov 2006
Posts: 3,243
Tiger's Den!
Thanks Richard. Do you see any issue from any other regulatory perspective?
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#2204600 - 01/31/19 05:12 PM Re: Mortgage Promotion TINKerBell
P*Q Offline

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P*Q
Joined: May 2001
Posts: 8,458
Somewhere
Doesn't this fall under the 1099-MISC with the $600 threshold?

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#2204717 - 02/01/19 02:52 PM Re: Mortgage Promotion TINKerBell
TINKerBell Offline
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TINKerBell
Joined: Nov 2006
Posts: 3,243
Tiger's Den!
No. The thermostat we're offering falls below that threshold.
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The last thing that blew my mind was the wind.

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#2204722 - 02/01/19 02:58 PM Re: Mortgage Promotion TINKerBell
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,672
Galveston, TX
Our marketing department came up with the smart idea to give away a lawnmower and offer no closing costs with every new HELOC closed back in the 90's. So, once word got out, we had a lot of applications and new HELOCs. However, about 80% of the HELOCs were never drawn on or were closed within a year. A lot of happy customers mowing their lawns while reading their free appraisal. It was not one of better ideas to come out of marketing. smile
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#2204740 - 02/01/19 04:27 PM Re: Mortgage Promotion rlcarey
Monster Offline
Gold Star
Joined: Sep 2015
Posts: 479
Originally Posted By rlcarey
A lot of happy customers mowing their lawns while reading their free appraisal.

laugh

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