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#2270458 - 05/16/22 02:47 PM "Mention this ad" incentive / Refer-a-Friend bonus
Jamie G Offline
New Poster
Joined: Jun 2016
Posts: 4
Hi! My Marketing person wants to send out a postcard to drum up mortgage business that states:

"Mention this mailing for $100 off your origination fees upon closing!"
and
"Refer-A-Friend and you will each receive a $50 VISA Gift Card upon your referral's closing!"

My gut says the "refer-a-friend" portion would be a Section 8 violation (and a privacy issue since it'd only be issued if the referred loan closes) -- would love your thoughts on that...

Re: the "mention this mailing" discount on the origination fee -- I haven't been able to find any guidance... can you think of any issue with that? maybe because it's only given if a loan closes? Appreciate the help!

Thanks~!

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Marketing
#2270461 - 05/16/22 03:15 PM Re: "Mention this ad" incentive / Refer-a-Friend bonus Jamie G
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,849
Bloomington, IN
Welcome to BOL.

Mention this mailing I really don't have an issue with since the benefit goes directly to the applicant.

The Refer a Friend - your thoughts are correct - both a Section 8 and privacy issue.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#2270477 - 05/16/22 04:54 PM Re: "Mention this ad" incentive / Refer-a-Friend bonus Dan Persfull
Jamie G Offline
New Poster
Joined: Jun 2016
Posts: 4
Thanks, been lurking for a while, but haven't not found an answer to one of my questions until now! So much of my research on the "mention this ad" question involved deposit accounts, not loans, so I thought I better get a second opinion.

I plan on having them track the discounts we give to ensure fair play (I'm guessing they want to track it anyway to determine the reach of the mailing).

Thanks for the quick feedback. smile

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