For anyone in the real estate profession it is critical that you refresh yourself on Real Estate Settlement Procedures Act (RESPA). Congress passed RESPA in 1974 to protect consumers and ensure fair competition in the mortgage shopping process. It may be time for a refresher course, especially since the U.S. Department of Housing and Urban Development (HUD) has a renewed efforts to strictly enforce its laws and provisions.

RESPA covers many subjects. The most important deal with compensation agreements that involve giving or accepting anything of value for referrals associated with federally-related mortgage loans. Section 8 of RESPA strictly prohibits kickbacks, fee-splitting and unearned fees.

To stay current on all RESPA rules, regulations and guidelines visit the HUD website at: http://www.hud.gov/offices/hsg/ramh/res/respa_hm.cfm