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Compliance Question of the Week
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The bank wants to offer a program to the local real estate offices. The program would provide the office with special interest rates for so many referrals. If we can’t provide lower interest rates, would something like gift cards to local restaurants be appropriate?
RESPA section 8 prohibits providing a things of value for settlement services. Providing lower interest rates for the referrals or gift cards would be a violation of a thing of value.
Thing of value includes: includes, without limitation, monies, things, discounts, salaries, commissions, fees, duplicate payments of a charge, stock, dividends, distributions of partnership profits, franchise royalties, credits representing monies that may be paid at a future date, the opportunity to participate in a money-making program, retained or increased earnings, increased equity in a parent or subsidiary entity, special bank deposits or accounts, special or unusual banking terms, services of all types at special or free rates, sales or rentals at special prices or rates, lease or rental payments based in whole or in part on the amount of business referred, trips and payment of another person's expenses, or reduction in credit against an existing obligation.
Reference: 12 CFR 1024.14(d)