Win Big! Understanding Compliance for Sweepstakes in Mortgage Marketing

Sweepstakes have become one of the most common marketing tactics across mortgage banks, credit unions, and broker shops. They have also become one of the most frequently mishandled. Field officers often treat “contest,” “sweepstakes,” and “lottery” as synonyms. Regulators do not.

This webinar covers what compliance teams need in place before any sweepstakes goes live: how to classify a promotion correctly, where RESPA Section 8 and UDAAP exposure enters the picture, and what documentation holds up when examiners pull marketing records.

Topics include:

• The legal distinction between a sweepstakes, a contest, and a lottery
• RESPA Section 8 risk in prize-based mortgage promotions
• UDAAP exposure from unclear eligibility or deceptive entry terms
• State-by-state sweepstakes and disclosure requirements
• Building a documented, case-by-case review process for promotions

Read the related article: Sweepstakes, Contests, and RESPA: What Lenders Get Wrong