Brokerage

Twinkies award, RESPA = indigestion and I am joining the ‘Other Party’

Brad Inman swipes through the day

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Big talk with Fancy Pants Face it, the federales at the Consumer Finance Protection Bureau have it in for industry marketing services agreements, which help banks and title companies connect with real estate agents and brokers -- often by providing each other services. Expect the feds to further crack down next year on any sideways behavior with these relationships, arguing that most of them violate RESPA. (Footnote: If you chow down on two helpings of this acronym, make sure someone is around who can perform the Heimlich maneuver.) Under the new rules, the costs of putting these agreements together and auditing them will help lawyers and accountants realize their financial dreams. Seems to me that the reasons these partnerships even exist is because agents and brokers with slim margins cannot afford to do the things that they otherwise would do on their own. Everyone gets on a slippery slope, and accidents happen. Imagine that you treated your customer as well as you do...