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WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
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Experience:  Experienced real estate lawyer and real estate broker.
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I own a real estate brokerage in California. I also have an

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I own a real estate brokerage in California. I also have an in house BRE escrow company and an in house loan brokerage. When my real estate agents close a real estate transaction with my brokerage, they are required to use my in house transaction coordinators (this is per my contract with them, i do it for quality control). I charge them a fee of $295 for the transaction coordinators. However, if they use either our in house escrow company, or loan company, there is no fee for the transaction coordinator, because as part of their services, both my escrow officer and my loan officer, collect the required real estate paperwork (that the transaction coordinator would usually collect). My question is, is this a RESPA violation in that i do not charge my agents a TC fee, because my escrow officer and loan officer are handling the paperwork instead of my in house transaction coordinator?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 1 year ago.

No, it would not be a RESPA violation because your escrow officer and loan officer are handling the paperwork instead of my in house transaction coordinator. That is perfectly legitimate and does not violate any legal precepts, including without limitation, RESPA. You are fine and this sounds like a very logical and defensible arrangement in California, under applicable California law where I practice.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 year ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 year ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 year ago.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

Expert:  WiseOwl58 replied 1 year ago.

The way this site works is now you need to accept the answer and rate it 4 or 5.

Please rate 4 or 5 and close out the question. Good luck to you. I wish you all the best.

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