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?

3 Comments
  1. Reply
    DillyDallyLama
    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
    latitude58_8
    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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