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Posted by  PAW_Fl on 5/17/05 11:31am
That's only if there is an ability to provide increased financial gains. Since NSA's typically cannot steer work to any lender, there should be no problem in giving loan officers, processors and closers at lenders gifts of appreciation.
When I worked at a major lender, we often received (and gave) gifts from (to) our vendors. Notice I said vendors, not clients. An NSA (or remote closer) is a vendor to the lender, as they are to title companies and signing services.
RESPA prohibits paying or receiving any unearned fee, kickback, or thing of value for the referral of business. Like rebates, it appears these payments are illegal whether or not they are disclosed.
Here are some examples of illegal kickbacks:
1. Payment of a fee by a title insurance company to an attorney or broker for referring business to the title insurance company.
2. Payment of a fee by a mortgage originator to a real estate salesperson for referring business to the mortgage company.
The best definition of an unearned fee is the common sense one which says an unearned fee is any fee paid which is not for the performance of legitimate services actually performed. Steering or referring business to a company is not considered a legitimate service. |
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