As a mortgage broker/lender–can we offer customers giftcards if they choose to do a loan thru us?

Deal Score0

I know RESPA doesnt alow us to give such things to people who refer us business–but does that apply to the actual customer as well?

  1. Reply
    May 14, 2011 at 11:27 pm

    Mortgage brokers/IFAs are akin to estate agents and traffic wardens and this looks like a further example of very sharp practice to entice business.

  2. Reply
    May 15, 2011 at 12:22 am

    Anything free is an incentive. A gift from you to them. It’s legal

  3. Reply
    J O
    May 15, 2011 at 12:39 am

    Latitude is wrong.

    You can give a gift to your clients. A bottle of wine or a home depot gift card is not an unusual gift at the closing table. It builds good will and helps encourage referrals.

    Giving these gifts to an Agent is a violation of RESPA but you can give whatever you want to clients.

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