Mary and Loretta Salzano: Perspectives from the RESPA Queen

In this episode of Commitment Matters, Mary chats with Loretta Salzano, President at Franzen and Salzano, P.C. Visit Loretta’s website or connect with her via email at [email protected]. As a reminder, as with all our podcast episodes, this interview should not be considered as legal advice.

During their conversation, Loretta or Mary mentioned:

Here’s an overview from RESPA News regarding the resurgence of joint ventures. For a deeper dive into ABAs check out this article detailing their evolution.Loretta mentions the importance of a culture of compliance.Here’s a look at the three requirements for safe harbor under the law and a glimpse at how the CFPB is widening its RESPA enforcement.Lorretta mentioned HUD’s Ten Factor Test for Controlled Business Arrangements in the HUD Statement of Policy 1996-2. RESPA News gives us the Do’s and Don’t’s of MSAs and the CFPB’s definition of them. Loretta mentions co-marketing regulations, as well. Here’s what the National Association of Realtors suggests.This article highlights the ebb and flow of “cozy marketing arrangements” in the mortgage industry.The CFPB ordered Lighthouse Title to pay $200,000 for illegal quid pro quo referral agreements in an effort to take action against mortgage kickback agreements. The CFPB created this downloadable version of its RESPA FAQs, released in October of 2020.MLinc Solutions can advise and evaluate the fair market value of sponsorships and promotions. Here’s a bit more about Pass Through Leases.Loretta talks about Grant Mitchell, who was knowns a Mr. RESPA. She also mentions Mick Mulvaney and Kathy Kraninger – both of whom have led the CFPB in the past.As noted, the acting CFPB director, David Uejio outlined priorities and announced plans for more aggressive enforcement and supervision.MSAs and other arrangements are under FDIC scrutiny. Here’s more on the “mini” CFPBs developing in some states.The CFPB is hiring!Mary asked about seasonal gifts. Here’s what the CFPB says about RESPA Section 8 and gifts.Learn more about Section 9 of RESPA. You can also watch this RESPA News webinar which explains the differences between sections 8 and 9, where section 9 applies, and expands on the term, “required use.”Here’s a look back at a Stewart Title Guaranty Company’s blog, offering insights on social media and referrals.Mary and Loretta mention UDAP. Here’s the FTC’s handbook on the matter.

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