Attorney General, Mortgage Fraud & REALTORS®

Don't sign anything unless you understand what it means

You would assume REALTORS® who deal in contracts would understand that you should not sign anything unless you fully understand what you are signing. A number of REALTORS® have signed a petition supporting a position being taken by some in the mortgage industry opposing legislation being sponsored by the Attorney General of Minnesota. The question is how do you say something is bad if it has not been drafted? Add to that question the fact that two of largest Minnesota Mortgage Trade Associations agree with many parts of the proposed language.

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Provide "Full Service" and you'll get well compensated

By Glenn S. Dorfman
Minnesota Association of REALTORS®

We hear a lot about the difference between full and discount service. For 23 years I have heard a lot about REALTOR® ethics and, like all other professions, most REALTORS® work hard to behave in accordance with treating customers ethically.

Well, the RE industry now has a chance to prove that they mean what they say and say what they mean. As an industry we were angry about the bogus "pre-approval letters" that many lenders issued to borrowers over the past ten years. We said they were not worth the paper they were printed on and most of the time we were right.

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RESPA Do's and Don'ts for Real Estate Brokers & Agents

Real estate agents and brokers must comply with the Real Estate Settlement and Procedures Act (RESPA). Violators of RESPA face harsh penalties including triple damages, fines, and even prison. While many thing enforcement of RESPA has been lax, over the past 18 months HUD has stepped up it's enforcement. HUD hired new staff and entered into contract with an investigation firm to conduct on-site reviews and monitor conformity with RESPA.

Please take a moment to review the RESPA Do's and Don'ts on the Minnesota Association of REALTORS® web site:
Download Do's & Don'ts (88K PDF)