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#1651593 - 01/17/12 05:10 PM Title Co. Discount
Carolina Blue Offline
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Carolina Blue
Joined: Jul 2005
Posts: 958
Lost in a regulatory fog
If a title company offers to waive their closing fee for all of the bank's employee loans is that a direct violation of Section 8? It's easy to assume it's done with the intention of receiving more referrals from the bank, but there's direct evidence. Any thoughts on allowing this?

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RESPA
#1651600 - 01/17/12 05:14 PM Re: Title Co. Discount Carolina Blue
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
Quote:
Any thoughts on allowing this?


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The opinions expressed are mine and they are not to be taken as legal advice.

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#1651611 - 01/17/12 05:23 PM Re: Title Co. Discount Dan Persfull
Carolina Blue Offline
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Carolina Blue
Joined: Jul 2005
Posts: 958
Lost in a regulatory fog
Whoops. I meant there's NO direct evidence of this assumption, but I have a feeling that correction will not changed your answer. Thanks.

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#1651669 - 01/17/12 05:59 PM Re: Title Co. Discount Carolina Blue
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 47,017
Bloomington, IN
There does not have to be direct evidence, all it has to be is implied.

What is the underlying reasoning for the title company to waive these fees to bank employees only? It's definitely not out of the "goodness of their heart", but with the anticipation of future referrals.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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