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Partying with mortgage brokers

Answered by: 

Question: 
Is it a problem if the mortgage brokers that we use invite some of our lenders to parties to celebrate milestones like year-end celebrations where loan closing goals were met?
Answer: 

I would be very cautious in these situations as well because if the mortgage broker is paying for food/beverages/alcohol/entertainment that adds up to a sizeable cost, this can also be considered a thing of value. If there is no way to justify or document the thing of value, that may be left to the imagination of your examiner under the description of RESPA and referrals.

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First published on 02/25/2024

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