New Column - Ask the RESPA Doctor

Dr. Gary Lacefield, is President of RiskMitigation.net. As an ex-HUD investigator, currently training HUD personnel, he also advises mortgage lenders, Realtors® and title companies on issues regarding RESPA and Fair Housing. Fair Lending Training DVD with testing capability available. Click here for more information.

This monthly column is published on the 20^th of each month. Please submit your questions and/or comments here, for the RESPA expert.

This is the first installment of responses to the many RESPA related questions that have been sent to my office. We have received over 100 questions to date and will answer the questions as they are received.

Questions

Question #1: A Realtor® wants me to advertise on his web-site, flyers, and in the real estate book. He wants two mortgage lenders to advertise and split the $450.00 per month. What do you think?

Question #2: I wanted to know what RESPA says about builders requiring buyers to use their mortgage company if the builder is paying the closing costs. For example, their sales contract reads: "Builder will pay all closing costs if buyer uses ABC Mortgage Company and Joe Lawyer for the closing. Builder will pay ZERO in closing costs if another lender or attorney is used."

Question #3: In a national mortgage related board, the constant controversy regards brokers paying brokers in other states. For example, if I am in Virginia but get an internet lead from Ohio where I am not licensed, could I give the loan to an Ohio broker and have him/her pay me a portion? California allows a limited co-brokering but I believe it to be between California brokers. What is the Fed's stance on co-brokering multi-state and sharing fees?

Continue this story to read Dr. Gary Lacefield's answer's.

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