Supreme Court RESPA Ruling a Real Estate Win
Last week the U.S. Supreme Court rendered a decision on whether fees charged by Quicken Loans violated the Real Estate Settlement Procedures Act (RESPA). The court ruled that the loan processing fees didn’t violate RESPA because they weren’t split with a third party. NAR filed an amicus brief with the court in support of Quicken Loans. The decision is a win for real estate brokerages, because many brokerages charge an administrative fee on top of their commissions. So, with the decision, the court states that the fees are okay as long as they’re not split with a third-party who provides no services in exchange for them. Read a summary by NAR Legal Affairs.