Skip to main content

Mortgage applications slightly increase in latest MBA Weekly Survey

National Mortgage Professional
Aug 05, 2008

HUD general counsel issues RESPA informal opinionsMortgagePress.comHUD, RESPA, National Association of Realtors The U.S. Department of Housing and Urban Development (HUD) has responded to questions regarding real estate agent compensation under the Real Estate Settlement Procedures Act (RESPA) posed by the National Association of Realtors. These responses do not represent a rule, regulation or interpretation by HUD but, instead, serve as informal guidance. HUD responded that: (I) Real estate agents cannot be compensated as loan originators if they do not provide loan origination services or provide only nominal loan origination services, such as merely collecting an application; (II) Lenders may compensate real estate agents who are bona fide employees of the lender for referral activities; (III) Whether an employee is "bona fide" will be determined by the actual work performed, specifically whether the work is "actual, necessary, and distinct" from which the services the employee provides in another capacity; (IV) A real estate agent affiliated with a lender must comply with RESPA regardless of whether the real estate brokerage is affiliated with the lender; and (V) Accelerated payment of compensation and charitable donations in exchange for referrals are "things of value" under Section 8(a) of RESPA. For a copy of the General Counsel's responses, click here.
Aug 05, 2008
Rocket Launches Visa Signature Card

Rocket says its first-of-its kind credit card will help clients save on home purchases and homeowners pay off mortgages.

Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023