A thing of value under $25 is safe, right? Nope. Common misconception that has spread around the industry like wildfire. Any thing of value for a referral is potentially up to $10,000 in fines and/or a year in prison. Here is the CFPB's explanation on the section. We hired a RESPA Ref to highlight potential violations, come see how it turned out...
Here is the RESPA Ref Sketch:
RESPA Violations are a hot topic in the industry, and people need to know that giving or receiving any thing of value in exchange for a referral of business is a violation for a Loan Officer.
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