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Home » Store » RESPA » Many Fear the CFPB Wants to Kill All MSAs, But Movement Mortgage Takes a Stand and Stays Put

Many Fear the CFPB Wants to Kill All MSAs, But Movement Mortgage Takes a Stand and Stays Put

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RESPA

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The Consumer Financial Protection Bureau has yet to clarify what it doesn’t like about “marketing service agreements” between originators and Realtors, and the less the agency talks about the topic – publicly, at least – the more lenders fear that eventually the regulator will try to eliminate such agreements altogether. To date, at least two lenders – Wells Fargo and Prospect Mortgage – have announced they are ending their MSAs, but sources indicate that several firms have undergone CFPB audits (or soon will) with a special emphasis on how they manage business referrals with realty companies and how much money changes hands. Inside Mortgage Finance has learned...
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