Real estate licensees in California who have Advance Fee agreements on file with the Department of Real Estate can no longer can count on that as a source of government approval according to the DRE’s website (requires Adober Reader).
“If you are a a real estate broker, or the designated officer of a licensed corporation, who has been issued a “No Objection” letter by the Department of Real Estate for loan modification or other mortgage loan forbearance services, you can no longer enter into these agreements effective as of October 11, 2009, nor can you collect any advance fees for such services.”
Related posts: