RESPRO® Publishes New Edition of RESPA Guide to Referral Fees
WASHINGTON, Oct. 7, 2013 /PRNewswire-USNewswire/ --The Real Estate Services Providers Council, Inc. (RESPRO®) has published a new RESPA Guide to Referral Fees that provides "do's and don'ts" under the Real Estate Settlement Procedures Act's (RESPA) anti-kickback provisions for managers and front-line sales personnel in the residential home buying and financing industry.
"Many employees and real estate sales associates continue to be approached by offers of fees and other incentives in exchange for their referrals of business to mortgage, title, and other settlement service companies", says Sue Johnson, Executive Director of RESPRO®. "RESPRO® has updated its RESPA Guide to help educate them on which activities are prohibited and which are not prohibited by RESPA in today's marketplace."
Written by Jay Varon, Esq. and Jennifer Keas, Esq. of Foley and Lardner, LLP, the RESPA Guide provides an overview of RESPA's prohibitions, exemptions, and penalties for non-compliance. It also contains Fact/Comments that describe real-life scenarios involving incentive offers, with comments on whether the activity described in the scenario violates RESPA.
RESPRO® members will be able to purchase the RESPA Guide at a discounted price. There also are volume discounts and electronic licensing rights for company training programs.
The RESPA Guide can be ordered online by clicking here or by calling (202) 862.2051.
The Real Estate Services Providers Council, Inc. (RESPRO®) is a national, non-profit trade association of real estate broker-owners, real estate franchisers, mortgage lenders, title insurers and agencies, home builders, and settlement service providers united to deliver convenient, innovative and cost-effective services to consumers through affiliated businesses and strategic alliances across the home buying industry. For more information about RESPRO®, see www.respro.org.
CONTACT: Sue Johnson at 202-862-2051, Ext. 210; firstname.lastname@example.org
SOURCE Real Estate Services Providers Council, Inc.