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According to RESPA.... can a realtor send a mortgage loan…

According to RESPA.... can...

According to RESPA.... can a realtor send a mortgage loan officer a printed marketing checklist to help them with their marketing efforts as a promotional tool for the realtor?

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Oregon and Washington

Lawyer's Assistant: Has any paperwork been filed?

I'm not sure what you mean

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Customer reply replied 7 months ago
This will be used in Oregon and Washington but might be used nationwide in the future
Answered in 33 minutes by:
1/3/2018
WiseOwl58
WiseOwl58, Lawyer
Category: Real Estate Law
Satisfied Customers: 4,595
Experience: Experienced real estate lawyer and real estate broker.
Verified

That's OK to do, as long as the mortgage broker is not earning a commission based on the sale price of the property. The mortgage broker would have to have a real estate salesperson or broker license to do that under Oregon and Washington laws.

Please rate five stars ***** by clicking on the five stars and pressing send.

Thanks and good luck to you.

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Customer reply replied 7 months ago
Thank you, ***** ***** clarify.... It is ok for a real estate agent to send a monthly printed checklist (on one piece of paper) to assist loan officers with their marketing efforts. This would be a promotional/educational type flyer given by the Realtor as advertising for the Realtor. Loan officers would be given this regardless if they send referrals or not. Again, it is just a promotional/educational flyer provided by the Realtor without requiring future business. Also, would it have to have the name of the Realtor on the marketing checklist to qualify as promotional material. Or could the printed marketing checklist be given to the Loan Officer without the name and contact information?

Please rate five stars ***** by clicking on five stars and pressing send.

A bonus is always appreciated after you rate.

Good luck to you and happy new year. I wish you all the best.

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Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,965
Experience: Experienced Licensed Attorney / Real Estate Law Mentor
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Hello. My name is Alex.

Thank you for your question.

I will be happy to provide you with information you are seeking for educational purposes only.

Are you still looking for an answer to your question?

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Customer reply replied 7 months ago
that would be great. I have attached a rough draft of the flyer.

Thank you for your follow up.

I am not only licensed attorney with many years of real estate law experience but I am also a licensed real estate broker with over 15 years of experience.

While I cannot comment on your specific situation, generally, providing marketing / advertising material to a loan officer by a realtor, would not be prohibited under RESPA, especially, if the material is provided without any contingency for a referral fee or any other compensation and such advertising / marketing practice is common across real estate industry.

I wish you the best of luck!

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Customer reply replied 7 months ago
Great. Thank you very much.

Please let me know if you have any related follow up questions?

If not, please positively rate and accept my answer, so I can be compensated for my work.

Thank you.

Alex Esquire
Alex Esquire, Attorney at Law
Category: Real Estate Law
Satisfied Customers: 16,965
Experience: Experienced Licensed Attorney / Real Estate Law Mentor
Verified
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