Sentences with phrase «settlement service business»

Settlement service providers are prohibited from offering a thing of value in exchange for the referral of settlement service business, but what does this really mean?

HUD says the kickbacks and referral fees are in violation of Section 8 of RESPA, which prohibits anyone from giving or receiving anything of value in exchange for referring settlement service business.

Some of the information in the article, «Turn Customers into Cheerleaders,» (October 2008, page 20) may have suggested that it is acceptable to reward people outside the real estate settlement service business for referrals.

As you know, RESPA explicitly prohibits accepting anything of value in exchange for the referral of real estate settlement service business.

The lawsuit alleges that Old Republic and some of its subsidiaries «violated federal and state law by paying commissions and kickbacks to real estate agents in exchange for the agents» referral» of Old Republic settlement service business.

Remember, Section 8 of the Real Estate Settlement Procedures Act (RESPA) «prohibits anyone from giving or accepting a fee, kickback, or anything of value in exchange for referrals of settlement service business involving a federally related mortgage loan.»

Advertising fees paid by Churchill Mortgage are in no way dependent upon any referral of settlement service business or a particular consumer transaction with Churchill Mortgage.

It is illegal under RESPA for anyone to pay or receive a fee, kickback or anything of value because they agree to refer settlement service business to a particular person or organization.

Respa prohibits professionals from accepting anything of value in return for referring mortgage or settlement service business to certain entities.

NewDay sent direct mail solicitations that contained a recommendation from the veterans» organization to its members, urging them to use NewDay's products, which, together with other telephone and web - based referral activities, constituted a referral of settlement service business.

Real estate brokers and agents must comply with RESPA, which prohibits receiving anything of value in return for the referral of settlement service business.

Besides driving brokers out of the settlement service business, the proposal threatens to displace real estate salespeople as the main conduit in the real estate transaction, says Nancy Sharp, CRB, CRS ®, an associate with Sharp, Keaton & Co. in Reynoldsburg, Ohio.

Real estate brokers and agents must comply with RESPA, and are prohibited from receiving anything of value in return for the referral of settlement service business.

The lawsuit notes that, according to HUD, characterizing «such arrangements as «marketing» or «administrative» agreements does not render the underlying conduct legal» and that the agreements are «only a means to facilitate payments for referrals by persons in a position to refer settlement service business, in violation of RESPA.»

That's because Section 8 of RESPA, which governs conduct between settlement - service providers, makes it a crime for providers to pay and for real estate sales associates or brokers to receive fees for the referral of settlement service business.