Written By: Karen Deis
Brian Sacks is upset about the January 20, 2005 Editorial (click here to read) where we wrote that he was "fined" $1,500 by HUD for his "Refer a Friend" program. He actually paid a $1,500 "settlement" to HUD - claiming no admission of guilt or liability. If you want to read the entire settlement, click here.
My intent was not to single out Sacks.
My point in writing the editorial was to provide examples of RESPA violations and that even superstar originators and speakers don't get it right all the time. In fact, the RESPA police are currently investigating some of the marketing programs that have been used by some of the top producers in our industry.
No one is immune.
One last note - I recently received a call from a new loan originator who asked me how to generate leads. He was told by his broker to call on real estate agents, offer to pay their "desk fees" and then ask them to refer clients to them. The caller wanted to know if there was a "cheaper way" to get leads - other than having to pay $1,000 per month for the Realtors desk fee.
Ignorance of the law is not an excuse.
Copyright, 2005, LoanOfficerMagazine.com
