Articles
REALTORS® Beware: Federal and State Regulators Begin To Scrutinize Marketing Agreements Under RESPA
Real estate brokers and agents occupy a unique position in the settlement service industry; we are the first point of contact for most consumers in the market for a home and, as a result, are often asked to make referrals to mortgage companies, title agencies, and attorneys. Although Section 8 of the Real Estate Settlement Procedures Act (“RESPA”) prohibits real estate brokers, agents and any other persons from giving or receiving any thing of value for these referrals, Section 8(c)(2) of RESPA allows settlement service providers to be paid for actual and distinct services provided to mortgage lenders, title insurance companies, or any other providers. As a result, many real estate brokers have entered into agreements with mortgage lenders and title companies to perform marketing and advertising services in exchange for a marketing fee.1
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