Special Loan Pricing for Condo Community

Posted By: WDCA

Special Loan Pricing for Condo Community - 05/19/22 07:10 PM

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?
Posted By: rlcarey

Re: Special Loan Pricing for Condo Community - 05/19/22 08:07 PM

Who lives there demographically and since when are individual condo owners responsible for the exterior of a condo?
Posted By: WDCA

Re: Special Loan Pricing for Condo Community - 05/19/22 08:29 PM

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
Posted By: rlcarey

Re: Special Loan Pricing for Condo Community - 05/19/22 08:49 PM

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.
Posted By: WDCA

Re: Special Loan Pricing for Condo Community - 05/19/22 09:03 PM

I get it, thanks for your response!