Realtor Referrals
by Lucy Griffin, BOL Guru
Question: Are we allowed to pay Realtors for referrals on residential real estate loans? This seems risky and I want to be sure we are within the letter of the law.
Answer: Realtors are a settlement service provider when they help the customer find a mortgage lender. This means that RESPA prohibits making any payments to Realtors for referrals.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 2, 3/04
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