No RESPA Violation for Closing Discount
Many Boston Developments, such as The W, The Clarendon and Battery Wharf have their own preferred lenders, mostly to assure financing of a new construction development with less than 50% sold or under agreement condos. The buyer always get to choose who the lender will be and the developer may ask, just in case that the buyer’s lender cannot obtain the loan, to apply with the developer’s preferred lender. In my opinion, it is a win-win situation for both the buyer and the developer; the buyer gets the unit he wants (and sometime a discount) and the developer gets a peace of mind knowing that financing will go through with no problems.
