In place of this would be a system where services are bundled, but the real estate agent or lender is responsible for directly paying for all other costs. The advantage of this system is that lenders (who always have more buying power) would be forced to seek out the lowest prices for ...
What is all the fuss about? RESPA Section 8. Section 8(a) of RESPA prohibits giving or receiving any fee, kickback, or “thing of value” in exchange for the referral of settlement services with the closing of a federally related mortgage loan. Services that occur at or prior ...
It discusses whether the act apply to all unearned fees that a lender charges or if it applies to a lender paying an unearned fee to a third party. It is mentioned that the act applies to unearned fees that a lender charges even if a third party does not accept any fee in second ...
RESPA Section 8(a) generally prohibits: (1) the payment or receipt of a (2) thing of value pursuant to an agreement or understanding[6]in exchange for (3) the referral of (4) settlement service business. All four elements of this prohibition must be present for a Section...