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#2270664 - 05/19/22 07:10 PM Special Loan Pricing for Condo Community
WDCA Offline
Member
Joined: Nov 2015
Posts: 84
Can we provide a HE rate discount for a particular condo development? Our commercial customer wants to ask Homeowners in their complex if they'd like to upgrade their exteriors and provide us as a potential financing source should they elect to upgrade. Is this unfair/discriminatory to others outside the complex?

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Fair Lending
#2270672 - 05/19/22 08:07 PM Re: Special Loan Pricing for Condo Community WDCA
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,923
Galveston, TX
Who lives there demographically and since when are individual condo owners responsible for the exterior of a condo?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2270676 - 05/19/22 08:29 PM Re: Special Loan Pricing for Condo Community WDCA
WDCA Offline
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Joined: Nov 2015
Posts: 84
If demographics happened to be low-mod income, do you think we would be safe providing a discount? I'm not sure about the relationship/ownership structure between our customer and the development unfortunately. Thanks

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#2270677 - 05/19/22 08:49 PM Re: Special Loan Pricing for Condo Community WDCA
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 79,923
Galveston, TX
Well, you called it a condo, that is why I asked. It is always dangerous doing things for one project or one loan officer, etc. because that is going to generate outliers on a fair lending exam that you then might have to defend. One would have to know a lot more of the particulars.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2270679 - 05/19/22 09:03 PM Re: Special Loan Pricing for Condo Community WDCA
WDCA Offline
Member
Joined: Nov 2015
Posts: 84
I get it, thanks for your response!

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