Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 41 - Public Contracts and Property Management |
Subtitle F - Federal Travel Regulation System |
Chapter 302 - Relocation Allowances |
SubChapter E - Residence Transaction Allowances |
Part 302-12 - Use of a Relocation Services Company |
Subpart B - Agency's Use of a Relocation Services Company |
§ 302-12.112 - May we require an employee to use a mortgage service provider specified by the RSC?
Latest version.
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§ 302-12.112 May we require an employee to use a mortgage service provider specified by the RSC?
No. Under the Real Estate Procedures Settlement Act (RESPA), you may not require that the employee obtain any mortgage from a lender specified by the RSC. The RSC may provide the employee access to multiple mortgage service providers as long as there is no use requirement, and the employee is provided a choice. Allowing the RSC to provide access to multiple providers is not part of the standard terms for a homesale program, but it may provide a pricing advantage in negotiations with potential RSCs, as well as an opportunity for better management of the homesale process.
[FTR Amdt. 2011-01, 76 FR 18344, Apr. 1, 2011]