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The most dangerous statement in the English language is, “But we’ve always done it this way.” Referral business has always been a mainstay in our biz, and is not “against the law,” but oddly enough one topic that has come up a few times here in San Diego at the MBA’s conference is continued talk about MSAs, or Marketing Service Agreements. The CFPB spells out everything in its FAQ site. Attorney Brian Levy also discusses the topic in one of his Musings. One session yesterday included attorneys Mitch Kider and Troy Garris; any questions on the following should be addressed to them. The shorthand notes? Referrals are fine, but paying for them, think twice! RESPA’s been around for decades, the purpose being to discourage kickbacks and illegal referrals. You can’t give someone a thing of value for a referral. You can still do lots of things that you can do with your referral partners! Setting up an MSA? Make sure it is for real servic
There’s a lot of good-natured competition here in Nashville. Around the world, there’s a competition for everything. Eat the most hot dogs, win the World Series… the best mullet was decided a few days ago. How ‘bout economic predictions? The team at the MBA sees volume dropping 9 percent to about $2 trillion in 2023. Are you ready for “more lower volumes”? All of these forecasters talking about real estate prices going down… what were they predicting about real estate prices at the beginning of 2020? Are there legal competitions? Probably not. But decisions and penalties make headlines, especially when offenders go to prison. Here’s a “decade-long mortgage fraud scheme involving at least two dozen loan transactions, totaling $6.5 million, that resulted in more than $3.8 million in losses to lenders” in Massachusetts. The 5th Circuit recently threw a monkey wrench into the CFPB’s constitutionality last week in