- No section 8 problem - the borrower is getting the thing of value. As you said no money exchanges between you and the broker.
- I'd be concerned about "steering".
- Since you receive nothing of value from the broker - what is the reasoning for only offering the discount to applicants from the broker? Especially if the applicants are more "up-scale" applicants and your other applicants are "low-scale" applicants.
- What kind of back-lash will result when the other brokers find out about the deal?
- Most importantly, what kind of customer (the ones that didn't use this broker or any broker for that matter) back-lash will result when they find out abut the deal?
First published on BankersOnline.com 11/29/04