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Real Estate & Property Law

: Clearing Title

RESPA Violation or Not?

By Francine D'Elia Wirsching

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I really would like a read on these two situations.

1) real estate brokerage compensates its real estate managers for the number of deals the individual real estate agents under the manager’s supervision refer to the controlled title agency.

2)banking institution compensates its loan officers (cash payments) each time he or she places a title order with the affiliated title agency. In addition, the loan officers are reminded that if they do not use the affiliate, they will not receive any referral of mortgage business.

So, what is your opinion?  I have heard these two situations represent a RESPA violation and I have also been told that since the real estate agency and the bank are giving the “kick-back” and not the title agency that there is no RESPA violation.

How does this type of activity, RESPA compliant or not, benefit the consumer?

Full post as published by Clearing Title on October 22, 2009 (boomark / email).

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