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Article Excerpt
"Friendly, available mortgage company seeks mutually satisfying relationship with willing and attractive partner."
While there is good reason for mortgage companies to pursue long-term referral source relationships through affiliated business arrangements (ABAs), carefully sizing up prospective partners (e.g., home builders, real estate brokers, community banks, certified public accountant [CPA] firms, financial planners, etc.) and evaluating their "marriage" potential can help avoid unproductive partnerships and disappointing breakups.
For those not yet initiated, the Department of Housing and Urban Development (HUD) allows ABAs a safe harbor from Section 8 of the Real Estate Settlement Procedures Act (RESPA), which prohibits the payment of fees or a thing of value in exchange for referrals. Technically speaking, an ABA is a situation in which a person or firm is in a position to refer purchasers...
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