Consumer Financial Protection Bureau (CFBP)
The Real Estate Settlement Procedures Act (RESPA) (Regulation X Section 1024.14) aims to prevent “kickbacks” and “referral fees” among settlement service providers. This section is one of the hot topics in Compliance in recent years. The purpose behind this regulation is to keep all borrowers on a level playing field and prevent corruption among lenders and other settlement service providers. Any violation of this section is a violation of RESPA section 8 (12 U.S.C. 2607).
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