Skip to content
BOL Conferences
Forums · Active Threads · Forum Rules · Mark All Read · Log In
BankersOnline.com Forums Banker Forums Lending Compliance Referral fees to Customers (RESPA)
Thread Options
#682037 - 02/07/07 07:06 PM Referral fees to Customers (RESPA)
HBurris Offline
New Poster
Joined: Jun 2006
Posts: 18
Seattle, WA
Can we offer a customer $200.00 off their closing costs if they give us a referral and it becomes an application?

Return to Top
Lending Compliance
#682174 - 02/07/07 08:27 PM Re: Referral fees to Customers (RESPA) HBurris
Dan Persfull Online
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,533
Bloomington, IN
Not IMO if the loans being referred are subject to RESPA. You are giving something of value for a referral. A Section 8 violation.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#682220 - 02/07/07 09:01 PM Re: Referral fees to Customers (RESPA) Dan Persfull
HBurris Offline
New Poster
Joined: Jun 2006
Posts: 18
Seattle, WA
Thank you, that is what I thought!

Return to Top

Moderator:  Andy_Z