Real Estate Settlement Procedures Act: Hearings Before the Subcommittee on Housing and Community Development of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred First Congress, Second Session, August 8, September 18, 1990, Volume 4 |
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Page 6
... commission . The realtor does not charge a double com- mission . He / she receives a fee for the realty transaction . Any fee for mortgage services is for incremental service rendered for which the realtor has an incremental cost . A ...
... commission . The realtor does not charge a double com- mission . He / she receives a fee for the realty transaction . Any fee for mortgage services is for incremental service rendered for which the realtor has an incremental cost . A ...
Page 20
... commission for modest fees on a CLO basis . Because we can get a fee here , many of our offices are choosing to get into the CLO business because it can speed the process of finding a better mortgage and we can bring the transaction ...
... commission for modest fees on a CLO basis . Because we can get a fee here , many of our offices are choosing to get into the CLO business because it can speed the process of finding a better mortgage and we can bring the transaction ...
Page 22
... commission basis for bring the applications forward . The cross checking provides the information which is as accurate as it should be . That rightfully belongs not at the point of gathering information although you want to be as clear ...
... commission basis for bring the applications forward . The cross checking provides the information which is as accurate as it should be . That rightfully belongs not at the point of gathering information although you want to be as clear ...
Page 24
... commission , and to exert influence to direct the use of one lender over another , as well as potentially generating a referral fee paid by the borrower .. 99 This draft was written by the non - political appointees 24.
... commission , and to exert influence to direct the use of one lender over another , as well as potentially generating a referral fee paid by the borrower .. 99 This draft was written by the non - political appointees 24.
Page 25
... commission is contingent on the loan closing . Referral fees are not payments for work performed or services rendered . Services rendered by real estate agents as part of the re- ferral are duplicative and must be verified by the lender ...
... commission is contingent on the loan closing . Referral fees are not payments for work performed or services rendered . Services rendered by real estate agents as part of the re- ferral are duplicative and must be verified by the lender ...
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Common terms and phrases
additional affiliated Association of Realtors banking benefits borrower pay brokerage business incident buyer Chairman GONZALEZ charge Citibank CLO system Coldwell Banker commenters compensation competition computerized loan origination conflict of interest Congress consumer controlled business arrangement Development disclosure dual agency escrow Estate Settlement Procedures faith estimate Federally related mortgage fiduciary financing franchisees homebuyers HUD-1 settlement statement HUD's industry interest rates involved issue kickbacks lender loan application loan origination systems loan products Mortgage Bankers Association mortgage lenders mortgage origination Mortgage Power MortgagePower offer opinion letters percent person potential programs prohibited proposed rule protection purchase real estate agents real estate broker/agent real estate brokers Real Estate Settlement receive referral fees regulatory related mortgage loan relationship Section seller service providers settlement costs Settlement Procedures Act settlement service steering Subcommittee on Housing sumer thing of value title insurance violation
Popular passages
Page 346 - System, notwithstanding that such rule or regulation may, after such act or omission, be amended or rescinded or be determined by judicial or other authority to be invalid for any reason.
Page 353 - Any action under this section may be brought in any United States district court, or in any other court of competent jurisdiction, within one year from the date of the occurrence of the violation.
Page 353 - ... in the prescribing of rules and regulations thereunder, or in securing information to serve as a basis for recommending further legislation concerning the matters to which this title relates.
Page 395 - No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.
Page 346 - No provision of this title imposing any liability shall apply to any act done or omitted in good faith in conformity with any rule, regulation, or interpretation thereof by the...
Page 351 - The franchisor exerts or has authority to exert a significant degree of control over the franchisee's method of operation, including but not limited to, the franchisee's business organization, promotional activities, management, marketing plan or business affairs; or (2) The franchisor gives significant assistance to the franchisee in the latter's method of operation, including, but not limited to, the franchisee's business organization, management, marketing plan, promotional activities...
Page 340 - Affairs, the Federal Home Loan Bank Board, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Secretary of Agriculture.
Page 351 - fractional franchise" means any relationship, as denoted by paragraph (a) of this section, in which the person described therein as a franchisee, or any of the current directors or executive officers thereof, has been in the type of business represented by the franchise relationship for more than 2 years and the parties anticipated, or should have anticipated, at the time the agreement establishing the franchise relationship was reached, that the sales arising from the relationship would represent...
Page 148 - USC § 41 et sea., the Commission is charged with preventing unfair methods of competition and unfair or deceptive acts or practices. The staff of the Federal Trade Commission, upon request by federal, state, and local governmental bodies, regularly analyzes regulatory proposals to identify provisions that may impede competition or increase costs without providing countervailing benefits to consumers. For several years, the Commission staff has examined the competitive effects of various restrictions...
Page 370 - In accepting employment as an agent, the Realtor pledges himself to protect and promote the interests of the client This obligation of absolute fidelity to the client's interest is primary, but it does not relieve the Realtor from the obligation of dealing fairly with all parties to the transaction.