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Requirement of Home Warranty

Home Forums Compliance Masters Group (Members Only) Requirement of Home Warranty

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  • #5666
    Lindsey
    Participant

    We have a 1st home program for 1st time home buyers. We created this program to help the bank with CRA. There are low closing costs, up to 100 % financing as well as income thresholds that have to be met. We are considering requiring a Home warranty as part of the program. Do you see any issues with this?

    #5709
    jholzknecht
    Keymaster

    Without details regarding the homeowners warranty (HOW) program it is difficult to reach an opinion. I have UDAAP on the brain today. I published a blog article this morning warning of potential problems with add-an products. Please review that article in the blog section of our website. HOW programs are generally a very legitimate product. Just be sure that the product is truly beneficial to your customer.

    Let me know if have specific questions about HOW.

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