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ARTICLE · 30 OCTOBER 2015

The CFPB Strongly Scrutinizes MSAs Under RESPA

McGuireWoods LLP
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The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs).

United StatesFinance and Banking
Phillip Chang
Phillip Chang
Joshua Davey
Joshua Davey

The Consumer Financial Protection Bureau (CFPB) recently provided guidance discouraging mortgage industry participants from entering into marketing services arrangements (MSAs). An MSA is an agreement under which a settlement service provider, such as a real estate broker, agrees to market and promote another provider's services − such as that of a title company − in exchange for payment. MSAs are governed by Section 8(a) of the Real Estate Settlement Procedures Act (RESPA), which prohibits giving or accepting "any fee, kickback or thing of value pursuant to any agreement or understanding ... that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person" but allows for "payment to any person ... for services actually performed."

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