Skip to content
BOL Conferences
Thread Options
#1865844 - 10/29/13 01:20 PM Affiliated Real Estate Agent
Steve Doty Offline
100 Club
Joined: Mar 2007
Posts: 137
Nebraska



Settlement Service means any service provided in connection with a prospective or actual settlement, including, but not limited to, any one or more of the following:

Rendering of services by a real estate agent or real estate broker


My question is: What services do real estate agents render that would constitute giving an Affiliated Business Arrangement Disclosure?

Return to Top
Lending Compliance
#1865914 - 10/29/13 02:42 PM Re: Affiliated Real Estate Agent Steve Doty
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Check the definition in 1024.2:

Settlement service means any service provided in connection with a prospective or actual settlement, including, but not limited to, any one or more of the following:

(14) Rendering of services by a real estate agent or real estate broker; and
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1865968 - 10/29/13 03:16 PM Re: Affiliated Real Estate Agent rlcarey
Steve Doty Offline
100 Club
Joined: Mar 2007
Posts: 137
Nebraska
rlcarey,

In my post I did mention the rendering of services. What I am looking for are example of services. The way I am understanding it is; the only time an ABA disclosure would be needed to provided is if the Real Estate Agent provides any of the services listed under the definition. I just haven't seen them do any of those items under the definition. By referring a customer to an RE Agent to find a property how does that constitute as a settlement service?

Return to Top
#1865979 - 10/29/13 03:25 PM Re: Affiliated Real Estate Agent Steve Doty
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,393
Galveston, TX
Because it is defined as such in 1024.2. Are you saying a real estate agent does not provide any services to the applicant in the real estate transaction?? How do they earn their commission if they do not provide any services.

You have to take this statement as to what is says:

Settlement Service means any service provided in connection with a prospective or actual settlement
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top
#1865982 - 10/29/13 03:31 PM Re: Affiliated Real Estate Agent Steve Doty
Steve Doty Offline
100 Club
Joined: Mar 2007
Posts: 137
Nebraska
I see where you are coming from. Thanks for help!

Return to Top

Moderator:  Andy_Z