November 22, 2024 7:26 pm
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Cracking down on illegal mortgage referrals

RESPA-Webinar-360X234By Lisa Prevost| The New York Times

A federal agency is aggressively going after mortgage, title and real estate companies that it believes are violating laws prohibiting payments or incentives for customer referrals.

The Consumer Financial Protection Bureau took over enforcement of the Real Estate Settlement and Practices Act — known as Respa — from the Department of Housing and Urban Development in July 2011. Since then, the bureau has racked up 11 Respa settlements and lawsuits, according to a spokesman.

HUD did not put much emphasis on Respa enforcement, but “the C.F.P.B. has taken it to a whole different level,” said Gary Lacefield, who worked as a Respa officer under HUD and now consults on Respa and fair housing compliance.

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Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.