Who no bundled and discounted real estate services? It’s illegal

A restaurant offers you a meal deal discount for a burger, fries and soda. Perfectly legal.

Lack of housing affordability is a crisis of epidemic proportions for lower-income homebuyers in underserved communities along with everyone else wanting to get on the road to homeownership. Down payment and closing costs are the biggest barriers to homeownership. It’s an untenable king’s ransom for too many.The big idea behind the RESPA law is nothing of value can be provided to a real estate settlement provider in exchange for business.

Here’s an example: Take a $600,000 home sales price with 5% down, leaving a loan amount of $570,000. The real estate agent earns roughly 2.5% of the $600,000 or $15,000. The mortgage loan originator may earn 1.75% of the $570,000 loan amount or $9,975. That can of worms, Fendelman said, would include missed fees for settlement providers, steering buyers, charging others much more to make up for the discounts and fair lending issues.

And, you’d have legitimate questions about the speed and quality of service, plus pricing compared with shopping a la carte. Consumers have certainly been able to figure out these issues in other industries thanks to online reviews and media scrutiny. And then, of course, there are the illegal kickbacks. Settlement services’ kickbacks are common, routine and expected in one form or another across the U.S. There is little or no fear of getting busted because there is little or no RESPA enforcement. When is the last time you read about real estate settlement providers getting busted for a RESPA violation?

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