RESPA and the Development of Law and Regulations Regarding MSAs & Desk Rentals
Mortgage lenders, real estate agents and brokers, title companies, and other settlement service providers often enter into marketing services agreements (MSAs) to provide advertising and promotional services. And lenders sometimes enter into "desk rental" arrangements with a real estate broker. The law concerning MSAs and desk rentals was settled until recently, when the Consumer Financial Protection Bureau (CFPB) began to enforce the Real Estate Settlement Procedures Act (RESPA). How will the mortgage industry adjust to these changes, and what is going on at the CFPB and in the courts?
If you are a mortgage lender, a real estate agent or broker, or are otherwise involved in providing mortgage settlement services, it will be imperative for you to understand the changing RESPA rules. It's also vital to know how the landscape is changing regarding illegal kickbacks.
Join legal advisor Chrys D. Lemon to get updates on marketing services agreements (MSAs) and desk rentals in the mortgage industry. Chrys will specifically speak about the changing RESPA rules as well as the referral fees under RESPA as they are related to MSAs and desk rental arrangements.
Review of RESPA and the development of law and regulations regarding MSAs and desk rentals, including:
Dept. of Housing and Urban Development 2010 Interpretive Rule on home warranty company payments to real estate brokers and agents
2014 CFPB mortgage kickback action against Lighthouse Title, Inc., concerning its MSAs and alleged quid pro quo for referrals
CFPB Compliance Bulletin 2015-05, questioning the legality of most MSAs
Ongoing RESPA litigation against the CFPB
History of Section 8 of RESPA (illegal kickbacks and referrals) - what is permitted, compliance tips
MSAs and regulatory concerns, including CFPB's recent interpretive guidance on MSAs
Desk rental arrangements and regulatory concerns
Review of an oral argument before a federal appeals court in Washington, D.C. involving PHH Corp.'s challenge to the CFPB's enforcement action alleging it violated RESPA
Homeowner's warranties, marketing services agreements, PHH mortgage litigation against CFPB
Q&A session to ask question, comment on regulatory issues involving MSAs and desk rental arrangements
Who should attend?
Real estate agents and brokers
Title companies: those involved in title searches, examinations, and insurance
Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti...
Disclaimer: The content herein does not represent any association between CFPB and Eli Financial LLC. CFPB neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.