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Video instructions and help with filling out and completing respa applies to
Music welcome to the June edition of window to the law today we'll be discussing the Real Estate Settlement Procedures Act or rest but as it is more commonly referred to and I'm joined by finley maxson na our senior counsel Finley why don't you give us a little background about RESPA sure so Congress enacted RESPA in 1974 as a way to help protect consumers during the home buying selling process the statute requires settlement service providers to make certain disclosures to consumers and outlaws kickbacks between settlement service providers over the years the law has been amended and enforcement has shifted from HUD to the Consumer Financial Protection Bureau or the CFPB in addition many states have also enacted similar RESPA laws we will only be discussing the federal law today how does RESPA affect real estate professionals the services provided by real estate professionals are a settlement service and so are covered by respo generally covered settlement services are those services provided during the real estate transaction that occur before or during the settlement so title insurance appraisals and inspections are just a few examples of what constitutes a settlement service the most relevant RESPA sections for real estate professionals are the anti-kickback sections found in section 8 a day provides a prohibition against referral fees a B prohibits the splitting of unearned fees C provides exceptions to the anti kickback provisions and 8 D provides the enforcement mechanisms for respo can you explain each subsection of section 8 and how they affect real estate professionals I'd be happy to first let's discuss section 8 a s prohibition on referral fees for RESPA to apply for elements must be present first the settlement service must involve a federally related mortgage on a residential property second an agreement for the referral of business as part of the settlement service agreement can be implied from the conduct of the parties third payment of money or receipt of a thing of value such as discounts or credits and finally payment is made for the referral of settlement service business common examples of how this provision would apply are inter actions between real-estate professionals and title companies and mortgage bankers who would like to receive referrals section 8 B prohibits the giving and receiving of any portion split or percentage charged or received for settlement service involving a federally related mortgage unless the fee is first actual services provided is now set a law that there must be a split between two or more persons for this section to apply based on the Supreme Court's decision a couple of years ago in the Quicken Loans case an example of when this might occur would be a marketing agreement between a real estate professional and another settlement service provider such as a home warranty company section 8 C is a list of practices that are exempt from the prohibitions found in sections 8 a and B in particular this section contains.