cfpb and real estate: Penalties for Violating RESPA Provisions with Regards to (MSA's) - 10/13/15 10:12 AM
This is part 6 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements. 
This is to date, the most comprehensive profile of the Bureau interpretation of RESPA compliance for real estate service providers.  Because, it is a lengthy document and contains a lot of important information, I have broken up this blog post into several 'bite sized' pieces.
 
PENALTIES FOR RESPA Marketing Service Agreement (MSA) Violations
I came across this blog post which documented quite thoroughly, the results of an appeal to a the judgment by the … (2 comments)

cfpb and real estate: Risk Assessment for real estate service providers: MSA's and RESPA - 10/13/15 09:49 AM
This is part 6 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements. 
This is to date, the most comprehensive profile of the Bureau interpretation of RESPA compliance for real estate service providers.  Because, it is a lengthy document and contains a lot of important information, I have broken up this blog post into several 'bite sized' pieces.
 
NON-COMPLIANCE RISKS
According to the bulletin issued by the Consumer Financial Protection Bureau (CFPB), non-compliance involving illegal kickbacks and referral fees, including those which are deemed to … (0 comments)

cfpb and real estate: Potential Negative Impact of MSA's and RESPA Compliance - 10/13/15 09:25 AM
This is part 5 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements.  This is to date, the most comprehensive profile of the Bureau interpretation of RESPA compliance for real estate service providers.  Because, it is a lengthy document and contains a lot of important information, I have broken up this blog post into several 'bite sized' pieces.
 
WHY IS THE BUREAU CONCERNED?
The section convering specific concerns occupies much of page 3 of the bulletin issued by the CFPB regarding RESPA compliance and Marketing … (0 comments)

cfpb and real estate: Whistle Blowers and Caveats: MSA's and RESPA - 10/13/15 08:55 AM
This is part 4 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements.
 
Whistle Blowers:  Could your Competitors turn you in?
In reading through the Bulletin issued on October 5, 2015 by the Consumer Financial Protection Bureau (CFPB), it is interesting to note several references to the assistance of industry Whistleblowers in the investigation process.  In an earlier post, we also referenced the fact that Marketing Service Agreements can be written OR oral.  
According to the bulletin, the review was prompted by the increase … (0 comments)

cfpb and real estate: Example of RESPA Violation: (Marketing Service Agreement) Violation - 10/13/15 08:12 AM
This is part 3 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements.
 
RECENT INVESTIGATION OF MSA AGREEMENT:
 
In the course of recent investigations, the Consumer Financial Protection Bureau has reviewed cases that utilized oral as well as written Marketing Service Agreements (MSA's).  It's important to note that MSA's do not have to be written to be considered binding and enforceable.  If there is an indication, upon review, that the action appears to use an MSA to disguise a kickback or referral fee, the bulletin … (0 comments)

cfpb and real estate: Why Might a Marketing Service Agreement (MSA) be against the law? - 10/13/15 07:57 AM
This is part 2 of a Series. This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements.  
 
Question:  Why Might Marketing Service Agreements (MSA's) be against the law? (Click here for a definition of MSA's)
According to the bulletin, the Bureau has received numerous inquiries  and Whistleblower tips from members of the  real estate community detailing the harm that can do to consumers by increasing the costs associated with obtaining services related to financing.  It should be noted that the bulletin also states that they have NOT received any … (0 comments)

cfpb and real estate: Marketing Service Agreements, (MSA's), The CFPB & REALTORS - 10/13/15 07:16 AM
This past week, (October 5, 2015), the Consumer Financial Protection Bureau (CFPB) issued a Compliance Bulletin with the subject line:  RESPA Compliance and Marketing Services Agreements.  
It was a rather lengthy document (approximately 5 pages), but the information provided is very relevant to the real estate and lending communities with regards to the interpretation of the legality of Marketing Service Agreements and compliance with the Real Estate Settlement Procedures Act aka RESPA.
This document answers questions, which many have had in recent months, about how the CFPB will address, investigate and enforce RESPA guidelines pertaining to this issue in the future.  Due to … (0 comments)

cfpb and real estate: Yawning is NOT the Wise Response to Upcoming 08/01/15 CFPB Changes... - 05/11/15 08:08 AM
Short Sale Specialists in the real estate community have become acutely familiar with the 60, 90, and even 180 day closing timeline.  But, for the larger world of real estate anything beyond 45 days for a Freddie Mac or Fannie Mae transaction belongs to an alternate reality. 
Starting August 1, 2015 new guidelines impacting the real estate transaction and lending process are likely to create some headaches for real estate professionals and consumers as adjustments are made to comply with provisions of the Dodd-Frank bill and the Consumer Financial Protection Bureau (CFPB) guidelines.
I've found it mildly surprising that so many agents that I … (43 comments)

 
Lola Audu, Audu Real Estate~Grand Rapids, MI ~Welcome Home! (Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate)

Lola Audu

Audu Real Estate~Grand Rapids, MI ~Welcome Home!

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Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate

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