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Transcript

Notorious POD: RESPA with Brian Levy, Katten & Temple

In which we dig deep into RESPA in light of the Rocket/Redfin merger

I have always wanted to have this conversation about RESPA and how it interacts with brokerages and mortgage companies with someone who is an actual expert in RESPA. I think I have a high-level understanding of RESPA, but there are details and intricacies there.

Brian Levy, an attorney with Katten & Temple, with decades of experience in the mortgage and real estate spaces, is that expert on RESPA. He was gracious enough to give me some time to dig into RESPA, its intricacies, and how it might interact with something we have not seen before: a W2-based brokerage owned by a large mortgage lender, Rocket-Redfin.

Brian writes the Levy’s Mortgage Musings Substack, and I recommend checking it out if you’re interested in the interface between mortgage, title and real estate brokerage.

Chapters

00:00 Introduction to RESPA and Its Importance

03:59 Understanding RESPA: History and Purpose

06:57 Key Provisions of RESPA: Section 8 Explained

09:59 Marketing Practices Under RESPA Compliance

17:56 The Employee Exception in RESPA

23:02 Navigating RESPA in Real Estate Transactions

23:35 Referral Compensation in Mortgage Lending

25:50 Understanding Bona Fide Employee Status

27:15 The Impact of Employee Relationships on RESPA Compliance

28:42 Rocket Mortgage's Acquisition of Redfin

30:39 Navigating RESPA with Sister Companies

31:01 Consumer Benefits and RESPA Violations

34:21 Incentives and Competitive Advantages in Real Estate

40:23 Zillow's Premier Agent Program and Compliance Issues

43:41 The Evolution of Real Estate Financing

47:00 The Role of Technology in Real Estate

51:00 The Control of Listings and Market Dynamics

57:02 The Impact of AI on Real Estate

01:00:52 Future Trends in Real Estate and Brokerage

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