Hi:

I work as QC auditor for a wholesale mortgage company in southern California. A question was posed to me by my boss on behalf of one of our brokers. Q; If they (the broker) pay a Real Estate firm a fee for taking a 1003 loan application is this practice considered objectionable? This appears to be a compliance issue and also it seems like accepting a kickback. Is there any source I can refer to or citation in the CA Finance or Business and Professions Code addressing such and if so, what section can I refer to? Appreciate any assistance provided on this issue.

I'm not from CA and not answering your question. I thought I would let you know there is a specific forum for CA questions (it is right below the "Other States" forum). You might get a better response there.