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The Supreme Court ruled unanimously in favor of Quicken Loans, Inc., Thursday, in a case that bars lenders from splitting settlement fees with third parties. The decision upholds an interpretation of the Real Estate Settlement Procedures Act that gives lenders leeway when it comes to charging fees. It rejects a longstanding HUD policy that interpreted the law to include a flat ban on unearned fees. Much of the contention surrounded previous guidance issued by HUD supporting the view that the legal framework prohibits lenders from charging unearned fees.
To read the full article in our sister publication, visit ""theMReport.com"":http://www.themreport.com/articles/high-court-decides-in-favor-of-quicken-loans-respa-case-2012-05-25.
