tag:blogger.com,1999:blog-36096789.post2623007054731708163..comments2023-04-11T01:02:46.639-04:00Comments on Title Insurance Talk bsherry@tcsclosing.com: RESPA Referral Fee MatrixBecky Sherryhttp://www.blogger.com/profile/06708452533161661554noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-36096789.post-80881775784477511092011-02-07T07:51:39.664-05:002011-02-07T07:51:39.664-05:00Morning, Connor:
As I recall, without looking it ...Morning, Connor:<br /><br />As I recall, without looking it up, back in the 1970s a congressman found out a relative had been steered into a bad mortgage deal by a real estate agent who had received a kickback. This started the RESPA anti-kickback rules.<br /><br />While you can argue whether or not kickbacks rules should exist, while they do, it's important that they be enforced to maintain a level playing field.<br /><br />If you have one lender operating within the law and another slipping gift cards to agents at closing, that's a problem.<br /><br />Now, let me put on my consumer hat and say that consumers expect the word agent to mean something. by that I mean acting in their interest. Consumers being represented by someone who might steer them into a crappy deal in exchange for $50 aren't being well served.<br /><br />Even if the deal is okay, I guarantee it is costing the consumer $50 more than it otherwise would. Kickbacks, in any amount, increase the cost of the goods and services being rendered to the consumer in any industry.<br /><br />So, a consumer bargaining with you for a fair price for services ends up indirectly paying you more than they bargained for and that's not fair dealing. ;)Dhttps://www.blogger.com/profile/13347332449162866987noreply@blogger.comtag:blogger.com,1999:blog-36096789.post-77014576456298763812011-02-06T22:57:01.390-05:002011-02-06T22:57:01.390-05:00I am laughing at the fact referral fee's are n...I am laughing at the fact referral fee's are not allowed for Realtors - I a curious if it is because of a lack of required education to obtain a re license. Maybe being viewed as we cannot handle it. Attorneys and Dr's have no issue - but whoa to the Real Estate Brokers' - Shall not - $50.00 is ok, microwaves are ok - but don't go any farther... Am I miss understanding this...Connor MacIvorhttp://paris911.comnoreply@blogger.comtag:blogger.com,1999:blog-36096789.post-16860021205353548532010-03-25T22:34:41.959-04:002010-03-25T22:34:41.959-04:00I agree LO's need to stick with the program an...I agree LO's need to stick with the program and produce quality loans, not loans that are pushed through side money.Jameshttp://www.titlejobboard.comnoreply@blogger.com