Posted By: MortComp
Section 8 violation? - 06/29/21 07:18 PM
If a realtor on Zillow or other similar real estate within their comments lists that if the buyers use our loan officer they will receive a $1000 discount towards closing costs, would that be a Respa issue?
Posted By: rlcarey
Re: Section 8 violation? - 06/29/21 07:22 PM
No - but you have to ask yourself and the loan officer a hard question - why?
Benefits that accrue solely to the borrowers are not a Section 8 issue - but people are not in the habit of giving away money for nothing..
Posted By: Skittles
Re: Section 8 violation? - 06/29/21 07:41 PM
I agree with Randy. Why would this realtor offer this - and who is paying the $1,000? Is it the realtor or the bank?
Posted By: Inspector
Re: Section 8 violation? - 06/29/21 08:39 PM
To pile on here, the comment in itself would not constitute a Section 8 violation but the comment sounds like a referral. So to Randy's point, you have a referral so do you have a thing of value? An agreement or understanding? If so, then you have a Section 8 violation.