A real estate agent can wear two hats in a transaction involving a Federal Housing Administration loan, providing both real estate and loan origination services to a client, thanks to revised guidelines published by the administration in December.
While this can be an opportunity for lenders to pull in more purchase business, the multi-tasking of employees can also spell legal trouble for mortgage companies, especially if the dual-employment arrangement is not set up correctly, attorneys say.
Accidentally running afoul of Real Estate Settlement Procedures Act (RESPA) section 8, which prohibits kickback schemes, and state regulations prohibiting dual employment are both issues that are top of mind for mortgage shops.
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