Rhonda Winters

holiday gift basket

Our mortgage loan originators (MLOs) want to send holiday gift baskets to realtors and builders with whom they do business. We want to keep the total cost of the gift basket somewhere in the range of $25-$30. Would this be a problem under Section 8 of RESPA?

Answer: Anything of value, regardless of the amount, that is given for a referral of business, would be considered a violation of Section 8. Unfortunately, the CFPB has not provided clarification on these types of “gifts,” so we have to rely on what the regulation says. RESPA does allow for “normal promotional or educational activity”; …

Our mortgage loan originators (MLOs) want to send holiday gift baskets to realtors and builders with whom they do business. We want to keep the total cost of the gift basket somewhere in the range of $25-$30. Would this be a problem under Section 8 of RESPA? Read More »

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