Asking for your input. Even though, over the years, our company rarely had Escrow Companies do anything extra other than processing closing services, it seems that many Realtors had them do their post cards, do email blasts and even pay for their media presence including radio and television. Well, now there are No Free Escrow Kickbacks and Services Oahu Hawaii as a Nationwide requirement by RESPA (Real Estate Settlement and Proceedures Act).
Recently received was an email from the Hawaii Land Title Association with a link to the attached letter. In excerpt, the letter said (read it) ..............
- They will no longer provide printing marketing materials such as postcards, flyers and postage.
- They will no longer provide food, beverage, entertainment in connection to Broker-sponsored events.
- No Door Prizes, higher than $25 as a promotional.
- No Free Transaction Coordination services, including creating TIMELINES, no furnishing closing folders.
In a recent talk with an escrow marketing agent, who indicated that their company or another company, at one time was contributing a large amounts per month to pay for a real estate company to have exposure on both TV and Radio. Other escrow companies, in the past, offered for us to print and mail postcards, do email blasts to help in marketing. Other that obtaining “Prelim Reports” for my clients and customers, we have not asked for any of these ‘free services’. They admit that some agents have “asked for the moon.”
We are now getting solicitations from 'spin-offs offering service for $500 to set up timelines and process coordination services with escrow. Are these things happening in your neck of the woods? No Free Escrow Kickbacks and Services Oahu Hawaii, You can find more information at this link: Consumer Financial Protection Bureau (CFPB).
They say that the title insurance and settlement service industries have adopted leadership in educational efforts, in order to prepare for the Aug. 1, 2015, forms deadline. But with 10 months left on the implementation clock, what are real estate agents and brokers doing to prepare?
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