RESPA

What are the guidelines regarding Referral Fees between a Real Estate Agent and a Mortgage Broker/Banker?  Any positive feedback would be appreciated!
  • November 27 2009 - Saint Louis
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Answers (3)

Good question! I went to the source; HUD

Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback or any thing of value in exchange for referrals of settlement service business involving a federally related mortgage loan.

Violations are subject to civil and criminal prosecution with fines up to $10,000 and up to one year in prison. And you lose that real estate license, too. 

 http://www.nhl.gov/offices/hsg/ramh/res/respamor.cfm
  • November 27 2009
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Best we all do what we do best, and build out team of professionals that do their best, not how much they can contribute to 'our coffiers'...
  • November 27 2009
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@ connie and Michael - thank you both for the feedback!
  • November 27 2009
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