Answer:
RESPA prohibits the payment for referrals. Refer to 24 CFR 3500.14.
You will definitely want to read this short memo from the FDIC (11/99), and this HUD guidance from 3/99.
First published on BankersOnline.com 11/05/07
HELOC Visa Referral and Rewards Program
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Question:
We are looking into setting up a referral and rewards program for our HELOC Visas. We would like to both give our members a $50 gift card upon closing of a HELOC, as well as pay out $50 gift cards for referrals that end up booking. I hear different stories about limitations being either $25 or $600. Are there limitations? What would the dollar amount be?
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