So, I'm getting a ton of questions asking..."What about RESPA and single Property sites that loan officers are offering to real estate agents throughout the country?
How do you make sure that both the loan officer and real estate agent pay their fair share for using the system? And don't end up with a $10,000 fine?
The back story: You've probably heard of single property websites. Well, the loan officer version of it is www.KarensUnfairAdvantage.com Loan officers can join, get 250 listing "slots" and offer the "all inclusive" system to real estate agents for 50 cents per listing. Thousands and thousands of agents are partnering with loan officers and experiencing huge success in getting leads using this system.
Now, the rest of the story: Dr. Gary Lacefield, one of the foremost RESPA experts in the country, agreed to an interview--where he discusses what is legal--and what's not!
Listen to Dr. Lacefield's 17-minute interview
Additionally, you can download a RESPA agreement, that is signed between the LO and Realtor(r) spelling out who is going to be paying for what services.
Download Real Estate/Loan Officer Single Property Agreement
The moral of the story: The HUD police are cracking down. The most recent violation they sunk their teeth into is Home Warranty Programs. Rebates from home warranty companies are a big no-no.
Oh, one last comment: Dr. Lacefield says that most RESPA complaints are filed by your competitors. It doesn't take much to comply with RESPA.
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