A Florida real estate licensee refers a buyer to a specific mortgage lender. Under federal RESPA Section 8, which applies to all federally related mortgage loans, what may the licensee lawfully receive from the lender for that referral?
Correct Answer
B) Nothing of value — RESPA prohibits paying or accepting any fee or thing of value for the mere referral of settlement-service business
RESPA Section 8(a) prohibits giving or accepting any fee, kickback, or thing of value pursuant to an agreement or understanding for referring settlement-service business involving a federally related mortgage loan. Disclosure does not cure a prohibited referral fee.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
An FHA loan is a mortgage insured by the Federal Housing Administration that allows lower down payments and credit scores than conventional loans. It is designed to help first-time homebuyers and borrowers with limited resources.
A fixed-rate mortgage has an interest rate that remains constant for the entire term of the loan, resulting in equal monthly principal and interest payments throughout the life of the mortgage.
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