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#668316 - 01/18/07 08:56 PM Gift to Mortgage Customer
#12 Offline
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Joined: Jun 2005
Posts: 1,338
From what I have read, it is ok to give a gift to a mortgage customer, correct?

For example, our mortgage department wants to give a $500 local appliance store gift card to every borrower that closes a Mortgage loan with us.

This is permissable isn't it? Does it need to be disclosed anywhere on anything?
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Lending Compliance
#668330 - 01/18/07 09:05 PM Re: Gift to Mortgage Customer #12
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,617
Galveston, TX
It is permissible (unless your State law would prohibit it). It would not be disclosed in the closing documents, if that is what you are asking. It would be consider miscellaneous income, so if you gave this customer another $100 of MISC income over the year you would trigger a 1099MISC.
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#668332 - 01/18/07 09:07 PM Re: Gift to Mortgage Customer rlcarey
#12 Offline
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Joined: Jun 2005
Posts: 1,338
Thanks rlcarey. Have a great day!
Last edited by #12; 01/18/07 09:07 PM.
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