Sentences with phrase «unearned fees for»

The Consumers asserted that a 2001 policy statement issued by the United States Department of Housing and Urban Development («HUD») prohibited the collection of unearned fees for real estate settlement services and therefore any of the Lender's charges where no services were provided violated RESPA.

RESPA prohibits unearned fees for services not actually performed, including fee splitting.

«It is clear that [the Real Estate Settlement Procedures Act] prohibits fee splitting and unearned fees for services that are not performed,» said Brian Sullivan, spokesman for the Department of Housing and Urban Development.

Not exact matches

• Customers were hurt by fees for accounts they never opened, the bank paid for unearned bonuses, and the whole enterprise, particularly its top leaders, were discredited.

You may not put money received for unearned fees in any other place, including your firm's operating account.

Even in a flat fee case, it is theoretically possible for fees to remain unearned at the conclusion of the matter, and thus the lawyer would need to return them but has no access to them.

LawPay was developed specifically for the legal industry to correctly separate earned and unearned fees and protection of IOLTA accounts.

A client should ask for an itemized bill and return of the unearned fee when the attorney is discharged.

Because it is designed specifically for law firms, LawPay is able to correctly separate earned and unearned fees to ensure you don't co-mingle funds when you take credit card payments.

Because it's customized for law firms, LawPay lets you separate earned and unearned fees, so you don't commingle funds when accepting credit card payments.

Section 8 of RESPA specifically addresses prohibitions on kickbacks and unearned fees given or accepted in connection with a settlement service for a federally related mortgage loan (loans covered by RESPA).

Penalties: Section 8 (kickbacks, unearned fees): Fines of up to $ 10,000, imprisonment for up to one year, or both

For more on the topic, read Janik's memo «Price Increase or Unearned Fee?»

Previously, some circuits had required a fee split with a third party in order for there to be a § 2607 (b) violation, while others had followed the HUD policy statement and prohibited unearned fees, even when a settlement - service fee was not split with a third party.

(Under Freeman vs. Quicken Loans, the court ruled that the prohibition in RESPA of unearned fees referred to fees that are split with another service provider for which no service is provided — a kickback.

1416 DOS 07 Matter of Dickson - broker; demand for $ 3,000 «termination fee» is demand for an unearned commission; breach of fiduciary duty; offer of property not authorized 175.10; improper advertising without identifying broker 175.25; $ 3000 fine and requirement of unconditional release of seller

HUD maintains that Section 8 (b)'s prohibition of the giving or accepting of any portion of any charge other than for goods or facilities provided or services performed is intended to protect consumers from unnecessarily high settlement charges, or what HUD calls an «unearned fee.»