I've redacted names to protect the not so innocent. I received this email yesterday from a Real Estate Brokerage I had presented my case to. During our meeting in October I never got the sense that this was someone I cared to work with so I just kind of let it go and didn't bother with any follow up:
"Hey Michael. Hope all is well. Our in house lender is up for renewal on the marketing agreement we have with them. We would like to pursue other options. We are currently at $3,000 a month and they have asked us to renew at $3500 for the next six months. Let me know if (your company) would be willing to do another agreement with us again and maybe we can do business. "
No Thanks 
First of all I am unaware of any case where our company entered into this type of agreement with any real estate office. Maybe in the way past prior to the increased regulations but who knows. I know our current compliance department would NEVER let that fly. Secondly, I'm 100% sure this is a violation of RESPA sec 8 which does not allow for the trading of referrals for anything of value. Marketing Service Agreements are allowed under RESPA but there needs to be evidence that the services provided are commensurate with the fees being charged. Nowhere in this particular email does it say anything about any services that will be provided. Perhaps this individual's intention is to get together with our management and disclose the details of the marketing agreement, but the fact that he/she is providing the price of the agreement without really stating anything that would be included would not go over well with the CFPB. My last blog post was on the Consumer Financial Protection Buearu and how they feel these types of agreements are a sham to cover for paying for referral business.
This appears to be a classic example of exactly what they mean by that. My response was simply, "No Thanks." Maybe this brokerage will find themselves a lender that needs to pay for referrals but more likely they'll find themselves on the wrong end of a CFPB investigation. I intend on keeping my license and my record clean and my integrity in tact. This may be a legit marketing agreement but I'm not willing to chance it.
Maybe I should send this link:
http://www.aaronline.com/2015/01/marketing-services-agreements-what-agents-need-to-know/
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