Can jeremy, a licensee, receive a referral fee for sending his buyer client to ajax title?

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28-07-2022
Business

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Can jeremy, a licensee, receive a referral fee for sending his buyer client to ajax title?

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okpalawalter8 okpalawalter8 · Answer 1 · 2022-08-02T18:07:20+02:00

if Jeremy, a licensee, receives a referral fee for sending his buyer client to Ajax title This would be a violation of RESPA. This is further explained below.

What is RESPA?

Generally, Disclosures about real estate transactions are something that borrowers are required to get from their lenders, mortgage brokers, and loan servicers, as required by RESPA.

The Real Estate Settlement Procedures Act (RESPA) was enacted as part of an attempt to outlaw exploitative activities in the real estate business, such as kickbacks and referral fees, as well as to restrict the usage of escrow accounts.

In conclusion, If Jeremy, a licensee, were to get a referral fee from Ajax Title for referring one of his buyer clients to that company, this would be a violation of RESPA.