Prohibited Services
In accordance with the Real Estate Settlement Procedures Act, agents and brokers are strictly prohibited from receiving kickbacks and unearned fees involving a federally related mortgage loan. Given the large majority of sales involve a mortgage, Veerra is implementing the same restriction of prohibiting kickbacks and unearned fees for agents in all transactions, regardless of the presence of a mortgage.
To promote transparency and increase consumer protection, agents and brokers using Veerra are strictly prohibited from advertising services for compensation or to including within their base commission rate ("Free") for the following:
- Attorney services, legal services, or any other type of legal representation
- Title insurance and title services
- Mortgages and mortgage related services
- Home inspections and any other inspection related services
- Appraisals
- Credit checks, credit improvement, or any other type of credit related service
While the above are possible opportunities to provide excellent value to clients in the above fields, advertising such services is likely to lead to fraud and abuse. However, we do encourage you to build relationships with those in the fields above to suggest to your clients and improve the client experience. As a reminder, kickbacks and unearned fees are prohibited.
For the official text of RESPA concerning kickbacks and unearned fees, read 12 USC 2607: Prohibition against kickbacks and unearned fees. Note: this leaves to an external site.