an a flood zone certification company examine a lenders existing loan portfolio for free or at a reduced rate, in exchange for the lender sending the company future business?
No. Flood zone certification is a covered settlement service (24 CFR 3500.2), therefore RESPA would apply to agreements by companies or persons providing portfolio reviews. Providing free or reduced reviews is a thing of value. Providing this service in exchange for referrals of future flood insurance business would violate Section 8(a) of RESPA which provides that “[n]o 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.
Related Questions
- can a flood zone certification company examine a lenders existing loan portfolio for free or at a reduced rate, in exchange for the lender sending the company future business?
- an a flood zone certification company examine a lenders existing loan portfolio for free or at a reduced rate, in exchange for the lender sending the company future business?
- Can a foreign companys branch existing in Jebel Ali Free Zone open a branch in the Emirate of Dubai?
