Do you receive "gifts" for your referrals? Uh-oh!
By Ann Sabbagh, President, Sr. Loan Officer
(Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT)
Do you accept "gifts" from anyone you share business with? Does an insurance agent or mortgage broker or realtor send you a gift card for each referral? Does a mortgage lender/broker pay for your advertising? Do you have a mortgage lender or an insurance agent or a title company (or anyone you share referrals with) renting space from you for greater than the market rent? Do you provide a "referral fee" to anyone who provides business to you? If you responded "YES" to any of these questions, you may very well be guilty of RESPA (Real Estate Settlement Procedures Act) violations in this industry. I highly recommend you read the law: http://www.hud.gov/offices/hsg/ramh/res/respamor.cfm#HT The mortgage industry has gone, and is going, through a lot of changes, hopefully, for the bett...
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