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#71308 - 04/02/03 02:36 PM RESPA - Part time Real Estate Agent
OnTheEdge Offline
Diamond Poster
Joined: Apr 2002
Posts: 1,677
SmallTown, USA
We have a full-time teller that is interested in obtaining his real estate license in order to show homes at night and weekends. Community Bank President is in favor, stating it would be a great referral source for loans. What issues might this raise?
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Lending Compliance
#71309 - 04/02/03 03:01 PM Re: RESPA - Part time Real Estate Agent
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
A couple of issues come to mind...Conflict of Interest and Sect 8 referral of business. Doesn't sound like a good mix to me, but I'm interested to see other's opinions.
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My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

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#71310 - 04/02/03 03:19 PM Re: RESPA - Part time Real Estate Agent
Pale Rider Offline
10K Club
Pale Rider
Joined: Aug 2002
Posts: 34,318
under the Lone Star
Our bank's code of ethics and conduct would not allow an employee to engage in an activity that has the potential for conflicts of interest, which seems to be the case here. Bringing in the RESPA concerns cinches it.
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Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.


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