Section 8 of RESPA states that settlement service providers are prohibited from giving or receiving anything of value for the referral of RESPA covered loans and/or settlement services. There are a lot of definitions within that prohibition you will need to understand. For instance, “What’s a settlement service?”, “What’s a thing of value?” and “What’s a referral?”.
Listen to the video as Kevin addresses referrals.
Ready to learn more? We will address these definitions and more so JOIN US for our webinar, “RESPA Section 8”.
Kevin brings years of experience and a unique perspective on regulatory matters to our clients. A self-proclaimed geek and accredited CRCM, Kevin is also a recovering attorney with experience as in-house counsel for a large regional bank and one of the leading national title insurance providers. For reasons unknown, Kevin decided to leave the safety and serenity of his desk job to seek fortune and glory as a wandering adventurer. Like a bank compliance version of Kwai Chang Caine, The Man with No Name or Don Quixote, he now travels the land seeking to help those in need and righting compliance wrongs, wherever he may find them.
Kevin lives in Sioux Falls with his two children, who are surprisingly normal after having endured their father’s vivid imagination for their entire lives. He won’t admit to having any hobbies, because apparently “Regulations never sleep.” (While he does say this in his Batman voice, we’re pretty sure he’s joking.) From the looks of his Facebook page, he likes the outdoors and spending time with his large extended family (who seem like relatively normal people).