I just realized that some lenders at the bank are receiving referral fees from an insurance agent every time they send him business for credit life policies, payment protection insurance, etc. None of the lenders are licensed for the sale of insurance and they don't even complete an application. Basically, they just refer. He sends them a check directly.
Is this a RESPA violation? Or, if not, Im sure it violates state insurance codes, right?
Any thoughts appreciated. Cites too. Thanks!