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- 61 Answers
- 25 Blog posts
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Experience:
Assistant Vice President/Mortgage Account Officer for Peoples United Bank
February 2012—present
Peoples United Bank has branches conveniently located throughout New England. Peoples…
Peoples United Bank has branches conveniently located throughout New England. Peoples…
Branch Manager for Reliant Mortgage Company, LLC (formerly Dedicated Mortgage Associates)
July 2009—September 2011
Reliant Mortgage Company, LLC is a licensed mortgage banker in MA, NH, CT, VT, ME, RI,…
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Reliant Mortgage Company, LLC is a licensed mortgage banker in MA, NH, CT, VT, ME, RI,…
Specialties:
Residential Mortgages, Second Homes, Investment Properties. Programs include portfolio, FHA, VA, Rural Development, Conventional, Jumbo, Maine State Housing,
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Certifications
& Awards:
& Awards:
SAFE Act certified.
Interests:
Born and raised in Maine - I guess that means I like anything that happens
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About:
I entered the financial services industry in 1989 and have practiced in financial planning, estate planning and mortgage consultation for the past 20+
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Testimonials:
"Mary Jo and I recently conducted business with Reliant Mortgage Co where
we met Dale. He immediately welcomed us into his office and made us feel at ... show more
we met Dale. He immediately welcomed us into his office and made us feel at ... show more
Dale W Doughty, Jr. answered:
Absolutely not. This is a clear violation of RESPA (The Real Estate Settlement Procedures Act). Here is how it reads:
"No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, 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." 6 Most loans are "federally related" because that includes not only loans made by federally insured lenders (almost all banks are insured by the FDIC), but also loans intended to be sold to a federal institution such as Freddie Mac or Fannie Mae.
This prohibition applies to both licensees and laypersons. Realtors® are not exempt. RESPA prohibits either giving or receiving any consideration or thing of value pursuant to any agreement or understanding that it is in exchange for referral of business relating to a real estate settlement.
Under RESPA, both the Real Estate Agent and the Contractor would be guilty of violating the law if a kickback was paid. The penalties under RESPA in our new post-housing meltdown world are severe and not worth any amount of money that could be paid for such a referral.
I hope this helps.
"No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, 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." 6 Most loans are "federally related" because that includes not only loans made by federally insured lenders (almost all banks are insured by the FDIC), but also loans intended to be sold to a federal institution such as Freddie Mac or Fannie Mae.
This prohibition applies to both licensees and laypersons. Realtors® are not exempt. RESPA prohibits either giving or receiving any consideration or thing of value pursuant to any agreement or understanding that it is in exchange for referral of business relating to a real estate settlement.
Under RESPA, both the Real Estate Agent and the Contractor would be guilty of violating the law if a kickback was paid. The penalties under RESPA in our new post-housing meltdown world are severe and not worth any amount of money that could be paid for such a referral.
I hope this helps.
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