Marketing wants to mail postcards to potential clients. The postcard consists of a list of homes available for sale by a specific realtor, the realtor's contact information is provided on the ad. The ad states "xxx is your go to agent for quality service with over 15 years experience to get your home sold quickly. In conjunction with top notch partners like XXXX at XXXX Bank you can trust that you are in good hands throughout the entire process"

Because this is 1 realtor and 1 MLO, I am of the opinion that this can be seen as a referral with something of value (the opportunity for business) implied and would violate the RESPA kickback prohibitions.

Absolutely 100% agree with you. You are specifically advertising (providing a "thing of value") for the realtor in exchange for potential referrals of business.

100% RESPA issue (IMO)

In my shop, this wouldn't be approved unless the bank and realtor were each paying for their pro-rata share of the costs.