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Far Out Friday: The world’s most awesome closing gift ever?

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Mortgage Professional America | 19 Dec 2014, 07:00 AM Agree 0
Quite possibly. A newly formed mortgage company set its eyes on standing out and did just that with a unique promotion and video to go along with it.
  • sb | | 19 Dec 2014, 09:25 AM Agree 0
    soo... how much is the GC for? Don't we know there is a limit on how much we can give? If it's just the boxes, tape and markers, then maybe it's ok, but I'd watch out.
  • Jay | | 19 Dec 2014, 10:54 AM Agree 0
    I was curious about the amount as well. I did a quick search and the cost for hiring a mover to move a 4 bedroom home 6 miles in Minnesota came up at around $6,000.
  • Rachel Norvell | | 19 Dec 2014, 12:46 PM Agree 0
    Jay and SB, thank you for the questions. I've asked LoanStar about your questions and added the answers to the story. Thanks for reading. Let me know if you have any other concerns.
  • | | 19 Dec 2014, 01:26 PM Agree 0
    yes, i thought the limit on closing gifts was $50. Am i mistaken?
  • | | 19 Dec 2014, 04:13 PM Agree 0
    This is awesome, there is no reason you can not provide a gift to your client. Just make sure not to give them cash.
  • | | 19 Dec 2014, 04:24 PM Agree 0
    PS - what does the the HUD look like?? the money comes from somewhere.
  • | | 21 Dec 2014, 07:36 PM Agree 0
    its either in the rate or the closing costs costs, the client ultimately pays for it somewhere
  • Kenn Bartley | | 23 Dec 2014, 10:59 PM Agree 0
    Hi folks, thanks for your compliance concerns.

    We have of course vetted this with our internal and external corporate attorneys and we're good. Washington DFI has also looked at the program and we're good. As for the last comment about the costs passed on to the borrower, note that the closing gift is part of our marketing budget, just like your company has costs in the marketing budget. Marketing costs are expenses not unlike rent, payroll, etc. Costs to do business are not and will not be line items on a HUD.

    We're committed to providing this awesome closing gifts to our customers as part of our vision to deliver an exceptional home mortgage experience - and it's working!

    If you'd like to know more directly from our company, or to find out how you can be a part of this awesomeness, please call me at 503-597-6702. Thanks!

    Kenn Bartley
    SVP Marketing and Business Development
    LoanStar Home Lending
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