3 Situations to Avoid
One of the main areas the Consumer Financial Protection Bureau (CFPB) has focused on enforcing in real estate has been RESPA Section 8 — otherwise known as the “kickbacks and illegal fees” section.
This rule was first enforced last September, ending with the title agency in question paying $200,000 in fines to the CFPB. The incident became somewhat of a warning for the real estate industry to check their marketing and advertising service agreements (MSAs or ASAs) for illegal fees and kickbacks.
It is important to understand not only the rule but also the reasoning behind the rule. Read the 3 situations to avoid — and why — at Inman.com.