Business Issues Policy Committee Looks at RESPA and More

Last week, the NAR Business Issues Policy Committee met for its regular business meeting. Topics of discussion included the new Commitment to Excellence program for Realtors® wanting to take their professionalism to the next level, as well as an update on several federal issues including:

 

  • Dept. of Labor Overtime Rule
  • Association Health Plans
  • Cyber Fraud & Wire Fraud
  • General Data Protection Regulation
  • FinCEN Advanced Notice of Proposed Rulemaking
  • Anti-money Laundering Guidelines
  • Continued work with the Bureau of Consumer Financial Protection
  • RESPA Section 8 Coverage

Committee members and guests heard from Loretta Salzano, Founding Partner, Franzen & Salzano, on RESPA. Topics covered included items in RESPA, Section 8, such as co-marketing, Marketing Service Agreements, social media impacts, office rentals, lead purchase & sharing, educational activities, ‘things of value’ (there is no “de minimum” threshold or exception), and more.

The presentation also included a segment where the audience was challenged to answer questions about RESPA.  For example:

Q: Is it okay for a loan originator to send brokers restaurant gift cards as a thank you for closing?

A: No.

Q: Is it okay for a loan originator to take a broker to lunch to introduce self and services?

A: Yes.

Q: Is it okay for a lender to provide content, coffee, and donuts for training on new laws?

A: Yes.

Q: Is it okay for a lender to pay each attendee’s CE credit and filing fees?

A: No.

Q: Can a lender give a homeowner a congratulatory bottle of champagne at closing?

A: Yes.

Q: Can a lender give a bottle of champagne to an agent who sent borrower?

A: No.

For more examples and to learn more about the other topics covered, please review the presentation.

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