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Flyer Listing Realtors

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Question: 
Marketing wants to send a flyer advertising real estate loans. They want to list the name of some realtors. Is this a RESPA section 8 violation?
Answer: 

RESPA Section 8 prohibits the payment or receipt of anything of value in exchange for the referral of settlement service business. Obviously, providing advertising for a realtor is a thing of value, so the question becomes, "Is the hope that this will spur those realtors to recommend the bank to their clients looking for a mortgage loan?" If the answer to that question is yes, then I think it's something that should be avoided as having a high risk of being perceived as a Section 8 issue.

First published on BankersOnline.com 3/29/10

First published on 03/29/2010

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