We have received several requests from lenders asking if they can give a small gift to a realtor. Examples of the gift could include a gift basket with goodies, bank logo items (e.g., umbrella), floral arrangement with a thank you card, etc. Is this allowed under RESPA Section 8? If so, is there a maximum dollar amount to avoid breaching “a thing of value”? Any guidance is appreciated.
Section 8 of RESPA, the implementing regulation, and the CFPB’s Frequently Asked Questions all confirm that no thing of value may be given in response to a referral. There is no acceptable minimum amount.