Most Popular Lending Content
Using the EHL logo
08/01/2021
We include the Equal Housing Lender logo in all our home loan ads. Are we also required to include the “Equal Opportunity Lender” logo?
New Construction Realtor Referral Fee
08/01/2021
It has just come to our attention that we have a consumer construction loan and on the cost breakdown there is a line item labeled "New Construction Realtor Referral Fee." The Realtor is charging a 1.5% referral fee for referring the contractor to the borrower. The contractor is charging the borrower for the fee. Is this a violation of RESPA Section 8? Contractors are never mentioned in section 8, but Realtors are. This is apparently happening more than we knew, but the fee is generally wrapped into the builder's fee and not its own line item, so the bank was not aware of the problem.
Tickler Reports
08/01/2021
What are tickler reports?
Locked Interest Rate on the Loan Estimate
08/01/2021
Can the initial disclosures with a locked interest rate on the Loan Estimate be sent to the applicant?
New Construction Realtor Referral Fee
08/01/2021
It has just come to our attention that we have a consumer construction loan and on the cost breakdown there is a line item labeled "New Construction Realtor Referral Fee." The Realtor is charging a 1.5% referral fee for referring the contractor to the borrower. The contractor is charging the borrower for the fee. Is this a violation of RESPA Section 8? Contractors are never mentioned in section 8, but Realtors are. This is apparently happening more than we knew, but the fee is generally wrapped into the builder's fee and not its own line item, so the bank was not aware of the problem.
