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#307138 - 01/22/05 12:05 AM RESPA Question
Jan94 Offline
Platinum Poster
Joined: Mar 2001
Posts: 828
USA
Regarding the Affiliated Business Arrangement Disclosure, would someone please translate the following sentence: "The only thing of value that is received by the person doing the referring is a return on the ownership interest that was not calculated on the volume of business referred." We currently pay a referral fee to bank employees who refer business to the mortgage company if it ends up closing. Not sure if that is what this sentence is addressing? Thank you.

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Lending Compliance
#307139 - 01/22/05 12:12 AM Re: RESPA Question
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,590
On the Net
First, your employee may get a referral fee for referring bank business.

Otherwise, if I owned a business and we had a relationship and you were sending business to my company, I can benefit by virtue of that business in general, but not a referral fee for that individual referral.
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